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DOLLAR: A quiet session overnight has seen volumes remain light with FX major
currency pairs tied to narrow range trade. The early risk-off tone was faded
with the dollar registering modest gains against GBP and losses via NOK & SEK at
the European crossover.
- The DXY remains in consolidation mode with trade largely held to 97.35-45.
Topside focus remains on last week's high at 97.71, a break opens the Jun 20
2017 high at 97.87, expect protection behind on approach to the 98 level (97.98
- 61.8% 103.82-88.54). While a downside break of 97 brings the 50% retracement
of 95.82-97.71 & 100-dma back into view at 96.77/55.
- Gold recoveries have so far failed to build above $1300, the 55-dma provides
the first layer of resistance at $1300.56, above here opens a move towards
$1304.15 which represnts the 50% retracement of $1327.35-1280.94.
- WTI and Brent both sit around $0.30 higher than settlement at typing.
- US Retail Sales the main highlight today at 1230GMT, forecasts are expected to
rebound strongly after a dip in January following the government shutdown.