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Early action is in FX

FOREX
  • Most of the early action has been in FX, in early trade.
  • The Dollar remains king, helped by the early Risk Off tone.
  • The move in Equity, saw some safe haven bid into the Yen and the CHF.
  • EURCHF was the early focus, as it tested the 0.9600 figure, printed 0.95833 low, and another lowest print since January 2015.
  • Further out, would see support at 0.9500, and 0.93404 for the EURCHF.
  • The Pound was also under pressure with the EUR in early trade.
  • Cable broke below Friday's low, but failed to test the next key support at 1.1760, printed 1.1782 low.
  • EURUSD tested parity, with a 0.9990 low printed so far today.
  • The pair printed a 0.9952 low in July, also the lowest print since December 2002.
  • For the Scandies, despite the move lower in Oil, NOK extended gains, and leads versus the SEK, up 0.64% in early trade.
  • NOKSEK sees next upside resistance at 1.0897, 76.4% retrace of the March May fall.
  • NOKSEK is at session high, at 1.0868.
  • Looking ahead, there's nothing of real interest to start the week, but there's plenty of focus looking forward.
  • NOTABLE DATA: Japan services PMI, Singapore CPI, FR/GE/EU/UK/US prelim services PMIs (tue), SA CPI, US Durable goods (wed), German final GDP, US (2nd) GDP, Core PCE (thu), FR/IT cons conf, US Wholesale Inventories, PCE core deflator, final Michigan
  • MAIN EVENTS: ECB minutes and Jackson Hole.

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