FOREX SUMMARY

USD broke out of its tight overnight ranges, with small better buying of USD on the margin, given the better selling interest in Equity futures.

• Price action has stayed fairly limited with the UK on a Bank Holiday.
• Most of the action has been in the JPY and Scandies, with the NOK seeing upside continuation from the Asian session.
• JPY, on the other end, has been underperforming against all majors.Month End flow behind some of the strength.
• NOK is now up 1.21% against the JPY, with the latter under pressure across all majors, beside the Rand, which is trading close to flat on the day.
• NOKJPY now eye the 20/02 high at 12.0834. NOKJPY is 12.05 at the time of typing.
• Cable hovers near the low of the day at 1.3312, mostly driven by the USD.
• With UK holidays, turnovers have been subdued, The pound is better offered against most G10, Covid and Brexit remains at the forefront, with the UK cases having its biggest increase since early June, and with School set to return this week.
• USDZAR extended gains, with the Rand worst performing currency against the Greenback in EMFX, down close to half a percent at 16.68, ahead of resistance at 16.72.