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Dollar Down-move Picks Up Steam into NY Hours

FOREX
  • USD down-move still has legs in early US hours, with the greenback selling putting EUR/USD, GBP/USD and others to new daily highs.
  • EUR/USD is pressing above the aforementioned resistance of 1.1081, opening levels last seen in July this year. Medium-term targets now clearly shift higher to the 1.1276 2023 high.
  • Moves still likely triggered by the down-shift in the US curve, as the 10yr yield holds close to 3.8333. Focus shifts to the post-Fed lows at 3.8268% and lowest level since July.
  • Lower-than-expected Richmond Fed headlines won't help the USD, as the headline falls to -11 vs. Exp. -3, the lowest print for the data since April.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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