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Dollar Weakens on Late Risk-On Wave

FOREX

The greenback started the Friday session stronger, gaining against most others in G10. This effect faded sharply into the US close, however, as a wave of risk-on buoyed equities, with the E-mini S&P bouncing around 20 points just after the London close.

Separately, GBP traded well despite a mixed start, with EUR/GBP once again testing the year's lows of 0.8739. A break through here would mark new multi-month lows for the cross.

Scandi currencies were the best performer Friday, with NOK reversing early weakness to finish stronger on a decent snapback and resumption of the uptrend for Brent crude futures.

The coming week should get off to a slow start, with US President's Day keeping US assets closed on Monday. Across the week, data releases pick up, with Eurozone GDP, Germany's ZEW survey, UK inflation and US retail sales all due. Global prelim PMI data for February also crosses.

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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