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FOREX: * As was the case yesterday, USD weakness has been the theme as bank
models continue to suggest a bias toward USD-selling ahead of the month-,
quarter- and year-end. As a result, both EUR/USD and GBP/USD started the
European session strong and built momentum from there. Cable now sits
comfortably above the $1.35 handle and EUR/USD is fast approaching $1.20.
* USD/JPY has suffered as a result, with the pair now sitting at its lowest
levels since Dec19 but bids are touted on an approach to Y112.50 with technical
support below at Y112.31.
* Similarly, both AUD and NZD have benefited from the USD move, with thinner
markets keeping price action erratic and very much order-driven.
* The rest of the session is likely to focus on how sustainable the USD move
from the past two days will be into the New Year, with few calendar events to
* Early closes in some European FI and equity products may mean volumes will
fade sharply after the NY crossover, but German CPI at 1300GMT may keep traders
at their desks for a little longer.