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The single currency remains weaker, with EUR/USD inching below the Monday low to narrow the gap with key psychological support at the 1.20 handle. The moves come despite Eurozone CPI estimates for January beating to the upside, with Core CPI rising at the fastest rate in five years.
It's clear there remains caution over further EUR losses, with options markets hedging more materially against further EUR downside. Today, 1m risk reversals for EUR/USD hit their lowest level since June of last year.
EUR's losses are working in favour of the greenback, with the USD index again challenging the best levels of 2021. Scandi currencies are softening along with the EUR, with SEK, NOK among the poorest performers. AUD, NZD trade well, rising against most others so far Wednesday.
US ADP Employment Change and ISM Services are the data highlights later Wednesday, with markets watching for any further clues on this Friday's payrolls release. There are numerous Fed speakers due today, with Kashkari, Bullard, Harker, Mester and Evans all on the docket.