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Big focus on the UK

FOREX
  • The Dollar has reversed its overnight weakness during the early European session, following some pullbacks from the highs in Equities.
  • Although still in the green, Equities are drifting lower, underpinning the USD.
  • ALL EYES are on the USDJPY, with the latter making a new print to 147.74, highest since August 1990.
  • Yesterday saw a 167 pips drop after the pair tested 147.67, no such move so far.
  • The USD is up against all G10, besides the NOK, and after being one of the best performer overnight, the British Pound is now the worst performer, down 0.43%.
  • Main focus for the UK is will we get a U-Turn from the UK Gov't?Chancellor Set To Land In UK Within The Hour: Westminster remains abuzz with speculation on a potential U-turn, following Kwasi Kwarteng's leaving a meeting of G20 finance ministers in Washington, D.C., early. The Chancellor is due to land in the UK within the hour, and with speculation turning to whether talks will take place between he and PM Liz Truss in Downing Street, or if Truss will announce a reversal before he reaches Westminster. There is no signal of timings for any potential announcement today.
  • Looking ahead, US Retail Sales, but more focus on the Prelim Michigan.
  • Speakers, include, ECB Holzmann, Fed George, Cook, Waller.
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