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Finding a bid on the European open.

USD
  • The Dollar was fairly mixed overnight, but has found a bid since the European cash Govie open, with Estoxx futures hitting session low, and trading back to flat levels.
  • Although all G10s pairs/crosses trade well within past ranges, the Dollar is testing session high against the EUR, GBP, CHF, CNY, CNH, CAD and NOK.
  • NOK is the worst performer, down 0.34%, but USDNOK, would need to test above 11.1592, just to break Yesterday's high.
  • The Yen is the best performer but off its best levels, with some suggestion of positioning ahead of the Fed and BoJ next week.
  • More likely that the underpinned Tnotes futures (TYU3), ie small lower Yields, has kept the lid on the USDJPY.
  • Nonetheless, JPY is in the green against all the majors., besides KRW.
  • Despite some hawkish comment from Lowe overnight, AUDUSD didn't manage to test the 0.6700 handle, and has now given back all of its tiny gains, and the pair still trades in a small 29 pips range.
  • Initial resistance in AUDUSD is seen at 0.6717.
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