Whether the flattening U.S. yield curve should be a concern to traders is perhaps the biggest question in the bond market.

In the $5.1 trillion-a-day currency market, on the other hand, the trend is sending a clear signal: Sell the dollar.

After staging a two-month rally to rebound from its longest stretch of losses in a decade, the greenback is again in a slump. It's down 1.4% this month, even though two-year Treasury yields have increased in 15 of 20 trading days in November. Usually, climbing short-end rates bolster the dollar.

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