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FOREX: USD/JPY Looks to Close NFP Gap on Extended Data Reaction

FOREX
  • The greenback's data-driven surge pressures the major pairs to new daily lows, with JPY and CHF now the hardest hit on an intraday basis. USD/JPY's rally puts the pair further toward closing the gap with the NFP-inspired sell-off from August 2nd, and a close above Y149.00 would be a firm contributor to the move.
  • With OIS markets now pricing less than 100bps of Fed easing in 2024, the USD Index has recovered strongly off yesterday's lows, with the 103.00 handle now in contention, which may mark a near-term in EUR/USD at yesterday's 1.1047.

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