Early risk-off was somewhat faded which......>

DOLLAR: Early risk-off was somewhat faded which saw EURJPY break Y122.00 to

print levels not seen since the Jan 3 flash crash low. 

- The dollar sits moderately weaker across most of G10 at the European

crossover, with CHF & SEK top of the pile.

- The DXY rallied yesterday before topping out ahead of the 98.00 level.

Consolidation has largely remained the theme through Asia tied to a narrow

97.86-94 range. Bulls need a positive close above the 98 handle to cement the

uptrend and open a run at the ytd highs at 98.37. Downside support comes in at

97.54/43 from the May 27 low & 50-dma.

- Gold dipped $8 through NY yesterday, before forming a base ahead of

$1276.00/20. The recovery extended through Asia, briefly made a show above

$1282, before fading. Near-term support is seen at $1273.80 from the 76.4% fibo

of $1269.58-1287.47, below here opens the May 21 low & 200-dma at

$1269.58/1260.80. Bulls need to recover the 21-dma at $1282.91 to reignite the

uptrend. 

- Equity markets continue to struggle with both WTI & Brent around $0.50 lower.