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Dollar dipping, but ranges respected -The.....>

FOREX
FOREX: Dollar dipping, but ranges respected
-The greenback sits slightly softer ahead of Thursday's NY crossover, with
familiar macro themes continuing to drive sentiment. USD/JPY caught a decent bid
in early Europe, rallying through Y106.50 in what looked like an order-driven
move. Despite the firm move, the week's highs remain in tact, with focus
remaining on headline risk and today's US data.
-An already firmer GBP got another boost from better-than-expected retail sales
data, with online promotions and favourable weather helping the m/m figure
bounce ahead of expectations. GBP/USD bulls keep yesterday's highs at $1.2101 as
the first target.
-AUD trades well on overnight jobs numbers, with employment change surging ahead
of expectations and an uptick in inflation expectations. Bulls target recent
cluster of highs at $0.6818-0.6822 for direction.
-Empire manufacturing, July retail sales, industrial production and weekly
jobless claims make up a stacked US data calendar, with Canadian existing home
sales also on the docket.

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