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Dollar Slumps as Leveraged Funds Brace for Kushner-Event Risk

  • ‘Trump trade is dead for this year, likely next,’ Saxo says
  • Bank of Japan cuts purchases of 5-to-10 year debt in operation
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CBA's Haddad Sees Vulnerable U.S. Dollar

The dollar slumped to a five-week low against the yen on concern a widening probe into possible ties between Russia and U.S. President Donald Trump’s election campaign may derail his growth agenda.

Lower U.S. Treasury yields and oil prices spurred leveraged selling in the greenback ahead of Jared Kushner’s closed-door meeting with the Senate Intelligence Committee on Monday, according to an Asia-based foreign-exchange trader, who asked not to be named as he isn’t authorized to speak publicly. Hedge funds and other large speculators were the most bearish on the dollar in more than four years as the Federal Reserve meets this week.