Dollar weakness capped in short term

"It’s not clear how quickly the market will react and there is a lot of adjusting to do," said Robert Sinche, global head of FX research at Citibank in New York. "But this is a meaningful rally." It is likely to continue until the end of this year, he added.

"The US dollar may have bottomed for now against both Asian and European currencies," agreed Mansoor Mohi-Uddin, FX strategist at UBS in London.

The driver of dollar weakness has not been demand, but production and employment, said

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