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Focus is on the ECB

USD
  • The Dollar has pared some of its overnight losses, and trade more mixed against G10s, as Equities drift lower with Bonds ahead of the ECB.
  • Best performer is the NOK, up 0.31%, while the Yen remains the worst performer, down 0.69%, albeit off its low, at the time of typing.
  • The main focus in FX is back on the Yen, with the big divergence in rate stance between Europe and Japan, with rate decision tomorrow for Japan, the EURJPY trades at its highest level since 2008.
  • The BoJ's Dovish stance and the lack of intervention comment has the Yen also down across the board, albeit off its worst level going into the European session.
  • Next resistance in EURJPY will be at 153.00, and in USDJPY at 141.61 High Nov 23 2022.
  • Looking ahead, ECB with an expected 25bps hike, and out of the US retail sales/IJC/IP.
  • Speakers include, Lagarde, Villeroy, BoE Cunliffe.
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