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FOREX: Mixed Markets, Tight Ranges

FOREX
  • Markets are mixed early Tuesday, with a quiet Asia-Pac session making way for a quieter European morning. Ranges are tight and volatility is muted, putting the USD broadly flat - albeit off the overnight session lows.
  • JPY is somewhat softer and is among the poorest performers in G10, however USD/JPY is well short of the best levels of last week, keeping the improvement off lows inside the recent range.
  • NOK is a marginal underperformer, softer against all others in G10 as a moderating oil price weighs on commodity-exporters. USD/NOK is back above 10.60 and is bearing in on first major resistance at the 10.6674 50-dma - a break above which opens 10.6993 and the mid-June highs. 
  • Tuesday is a scant session for data releases, keeping focus on the more consequential US inflation release for June set for Thursday. The central bank speaker slate is busier, however, with Fed's Barr, Powell and Bowman all set to make appearances. Powell presents the semi-annual testimony with an appearance in front of the Senate banking committee at 1500BST/1000ET. 

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