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Antipodeans on top as safe havens retreat.....>

FOREX
FOREX: Antipodeans on top as safe havens retreat
-Monday's theme has been consolidation after a volatile week, allowing AUD and
NZD to climb modestly throughout the Asia-Pac session and into the European
morning. Modestly higher equity markets in mainland Europe assisted the move as
US equity futures retrace recent losses and indicate a higher NY open. AUD/USD
recovered further from the YTD low printed Friday but is yet to escape the
recent downtrend with markets remaining happy to sell rallies at this stage.
-EUR dipped slightly on confirmation that the German Chancellor Merkel will not
contests the next leadership contest for the CDU (but aims to remain the
country's chancellor for now), but the losses were shortlived and EUR/USD trades
well within the Friday range.
-Improving equities helped dent JPY and CHF, which sit at the bottom of the G10
table Monday and could worsen further if US stock markets extend this morning's
recovery. USD/JPY eyes Friday's Y112.44 highs for direction at this point.
-It's a busy week for data, with US personal income and spending due today as
well as a speech from Fed's Evans. US Nonfarm Payrolls are due Friday.

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