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Familiar Dynamics In Play, Biden's Speech Takes Focus


Wednesday's dynamics have carried over into the Asia-Pac session, setting the tone for early trading across the FX space. U.S. Pres Biden is set to deliver his fiscal speech at the top of the hour, but most details have already been given/leaked. Regional liquidity is thinner with Japanese markets closed for a holiday.

  • The greenback retains its post-FOMC weakness, underperforming all of its G10 peers at the margin. The DXY has faltered to its worst levels in two months.
  • The Antipodeans have picked up a light bid in the wake of a strong showing from global commodity markets on Wednesday, and NZD/USD has pierced resistance from Mar 18 high.
  • The global data docket features U.S. GDP & initial jobless claims, German unemployment & flash CPI. Speeches are due from Fed's Quarles as well as ECB's de Guindos, Elderson, Weidmann & Holzmann.

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