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EUR/JPY Building Well Above 126

FOREX

EUR/JPY's incline continues, with markets taking confidence in yesterday's close above the 50% retracement of the 2018 - 2020 decline. Gains today are largely led by the firmer single currency, with the EUR stronger against most others in G10.

Equities are generally weaker in Europe, pulling back some of the sharper gains clocked yesterday. The EuroStoxx 50 is only in minor negative territory, and still within range of the recovery highs printed in mid-July.

For a second session, the NZD is better sold, with NZD/USD bears looking to close below the 50-dma at $0.6548 to extend the post-RBNZ sell-off.

The greenback is modestly weaker early Thursday, but remains comfortably above the early August lows.

Weekly US jobless claims take focus in US hours, with both initial and continuing claims expected to dip slightly from last week. The Banxico rate decision is also due, with rates expected to be cut by 50bps to 4.5%. Fed's Bostic and Brainard are both due to speak today.

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