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Early USD gains were quickly eroded...........>

FOREX
FOREX: Early USD gains were quickly eroded overnight following BOJ Governor
Kuroda remarks that said the bank was not considering a comprehensive assessment
of its monetary policy at present. Usd/Jpy dipped back under Y107.00, slippage
extended to Y106.38 in early Europe. before fading. Despite strong recoveries in
JPY crosses, the DXY held just off its low and was seen to cap topside Usd/Jpy
gains.
-GBP retained a buoyant tone on extended react to the weekend hawkish remarks on
wage growth from BOE Deputy Governor Ramsden. Gbp/Usd steadily gained throughout
the European morning to $1.4070, Eur/Gbp eased to the Gbp0.8770/75 area.
-Early USD sales saw the EUR remain elevated to hold just off the peak of its
daily $1.2280-1.2350 daily range.
-A combination of weaker UST yields and stronger commodities (Gold/Iron ore)
supported both the AUD and NZD to hold 0.5% gains against the USD.
-US New Home Sales the main data release today at 1500GMT. St Louis Fed
President James Bullard is also scheduled to speak at 1300GMT.

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