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FOREX: Dollar Extending Losses, EURUSD Back Above 1.0400

FOREX
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  • The latest Washington post report on tariffs has bolstered the existing direction of travel for the greenback on Monday, with the USD index extending session lows and bringing the DXY’s pullback to around 1.4% from last week’s highs.
  • EURUSD is back above 1.0400, and is now testing resistance at 1.0414, the 20-day EMA, having recovered the best part of 200 pips from the 1.0226 lows on Jan 02. Above here, 1.0458 is the Dec 30 high.
  • Similar strength seen across higher beta currencies such as AUD and NZD, which extend gains to around 1% on the day. Cable has risen back above 1.25 and will look to initial firm resistance at 1.2562, the 20-day EMA.
  • USDJPY also significantly knocked off its highs, reversing around 70 pips while USDMXN (-0.80%) prints fresh session lows below 20.50.
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  • The latest Washington post report on tariffs has bolstered the existing direction of travel for the greenback on Monday, with the USD index extending session lows and bringing the DXY’s pullback to around 1.4% from last week’s highs.
  • EURUSD is back above 1.0400, and is now testing resistance at 1.0414, the 20-day EMA, having recovered the best part of 200 pips from the 1.0226 lows on Jan 02. Above here, 1.0458 is the Dec 30 high.
  • Similar strength seen across higher beta currencies such as AUD and NZD, which extend gains to around 1% on the day. Cable has risen back above 1.25 and will look to initial firm resistance at 1.2562, the 20-day EMA.
  • USDJPY also significantly knocked off its highs, reversing around 70 pips while USDMXN (-0.80%) prints fresh session lows below 20.50.