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Equities have set the tone

CROSS ASSET
  • Further push higher for the Dollar as the US joins the session and catches up with the European price action, with cross assets taking their cue from the Risk Off tone.
  • China growth concerns overnight, Moody downgrading US local Banks, and Italy tax on Bank's extra profit last night has set the tone for the day.
  • There'll be some focus on the US Banks today on the US Cash open in under 3hrs.
  • New highs for the Dollar against SEK, CAD, AUD, EUR, GBP, CNH, SGD, CHF.
  • AUDUSD is set to test 0.6500, ahead of the support at 0.6485 Low Jun 1.
  • NOK is the worst performer, a function of the Dollar, but also the fall in Oil.
  • USDNOK sees 10.3304 as the next resistance, the August high.

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