The two powerful forces that have emerged - expectation of a Fed hike at the end of the year and European political challenges - appear to have reached a tentative equilibrium. Meanwhile, US President Trump's comments about "wiping out" Puerto Rico's $74 bln of debt remind investors of the unorthodox and unpredictable impulses from the US.
The US dollar is mostly little changed as the broad consolidation that has emerged this week continues.
