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Free AccessDollar dipping, but ranges respected -The.....>
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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.