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A relatively quiet session overnight saw.....>

DOLLAR: A relatively quiet session overnight saw JPY sit bottom of the G10 pile
and Asia equities register modest gains. Risk appetite improved led by AUDJPY
demand around the Tokyo fix, dragging JPY crosses higher. The dollar sits flat
at the European crossover with the DXY held to a very narrow 96.02-11 range. the
50% retracement of 97.71-95.02 continues to provide the next layer of resistance
at 96.37, a break opens the 50-dma at 96.62 ahead of a run at the 97 level
(96.95 - Jan 2 high). Bears continue to look for a downside break of the 200-dma
at 95.04 to regain control. Gold remains at elevated levels stuck in its recent
range with bulls searching for a topside break of the Jan 4 high at $1298.60,
before challenging the key $1300 pivot level. Data release in the US today from
Industrial Production & Capacity Utilisation at 1415GMT, the Michigan Sentiment
Index follows at 1500GMT. NY Fed Reserve Bank President John Williams is
scheduled to speak in NJ from 1405GMT.

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