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FOREX: After a somewhat quieter start to Wednesday's session for the USD (much
of the focus was on the EUR & GBP), a break higher in U.S. Tsy yields helped
boost the greenback into the close & press the likes of AUD, JPY, EUR & NZD to,
or close to, multi-week lows. The moves in the dollar & U.S. bonds follow the
strongest headline reading for ISM non-m'fing since records began & strong ADP
employment data. Markets also remain cognizant of upside surprise risks for this
Friday's NFP release.
- Fed Chair Powell triggered a further USD bid late on, as he noted that "very
accommodative policy is no longer appropriate in the current environment, which
calls for interest rates to very gradually move toward neutral. We may go past
neutral, but we're a long way from neutral at this point."
- The DXY registered a fresh high on the move, allowing USD/JPY to register a
fresh YTD high, with EUR/USD breaking below $1.1500. AUD, NZD continued to
struggle, extending the move that began in Asia-Pacific trade.
- Focus Thursday turns to U.S. factory orders & durable goods, Australian trade
data, as well as addresses from ECB's Nowotny & Hansson.