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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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FOREX: Dented risk appetite post FOMC minutes limited the USD overnight, after
the greenback received an initial boost from release. Mins highlights: many
project above-neutral rates, need for temporary restrictive policy, the removal
of 'accommodative' is not a signal of policy change while tariffs & trade
uncertainty pose downside risks. Preference for gradual hikes remained.
- The latest semi-annual U.S. Tsy FX report failed to name China as FX
manipulator, although it produced elongated communication surrounding
CNY/China... perhaps a final warning? CNY has edged lower, but reaction limited.
- AUD/USD's post AU-labour market report rally has remained capped, with
participants noting that the fall in the unemployment rate was a result of the
lower than expected participation rate.
- Heavy equities allowed USD/JPY to move down to Y112.50.
- GBP continues to struggle as the state of Brexit impasse remains intact after
the latest summit, with questions aplenty re: the feasibility of a Nov summit.
- UK retail sales hits Thurs, as do speeches from ECB's Nowotny, Fed's Bullard &
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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