The Dollar lost ground against all currencies on this last Monday of September, except against the Canadian Dollar.

It accelerates tonight its decline against the Euro, with a decline of -0.4% towards 1.1675 while currency traders decipher an intervention by Christine Lagarde before a financial committee of the European Parliament.

The Pound Sterling takes more than 1% against the $ (and +0.5% against the Euro) while the boss of the Bank of England has just declared that rates have reached their bottom and that we should not expect to see them go negative.

The weakness of the Dollar is not explained by a pay differential (detrimental to the $, it is even the opposite) since the Bunds relax from only -0.5Pt to -0.5300% while the US T-Bonds symbolically shift from +0.3Pts base to 0.662%.