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DXY Prints Fresh 22-Month Low


Early risk-off flows, inspired by bubbling Sino-U.S. diplomatic tensions
and lack of any imminent fiscal agreement among U.S. lawmakers, have
eased, but USD/JPY continued to ebb lower, albeit Friday's multi-month
lows are yet to be tested. A bid in spot gold has helped pressure the
greenback. DXY sank firmly through Friday's worst levels and printed a
fresh 22-month low.

  • AUD underperformed from the off, as markets digested news flow re:
    Sino-U.S. tensions & a record daily Covid-19 death toll in Victoria
    from over the weekend. The currency has recovered since, with USD weakness
    pushing AUD/USD into positive territory. RBA's Kent echoed Gov Lowe's
    message re: AUD, as he expressed preference for a lower FX rate, while noting
    that AUD trades in line with fundamentals.
  • NOK leads gains in G10 FX space, even as its oil-tied peer CAD sits
    towards the bottom of the pile.
  • Focus turns to German Ifo Survey and flash U.S. durable goods orders.

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