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FX SUMMARY

FOREX

A mixed session for the Dollar in early trade.

  • Early flow, price action saw some rounds of USD selling as we started the European session.
  • USD was already underperforming against G10s overnight, but some small continuation early on.
  • USD broke out of the tight ranges to fades yesterday's price action, but nonetheless still within ranges.
  • The USD tested session low against EUR, GBP, AUD, CAD, and JPY.
  • The small resistance in EURUSD which moved down To 1.2202 held for now, printing a 1.2205 high.
  • Above the latter would open to double top at 1.2245 (April and May's high)
  • GBP came under pressure, but no clear driver on the latest leg lower, besides some dip lower in yields, as well as some reversal in USD.
  • Safe haven FX are in the green with risk better offered and lower yields. CHF and JPY are up 0.25% and 0.22% respectively.
  • Looking ahead, US IJC is the notable release.
  • Speakers include ECB Lane, Lagarde, Holzmann,,Fed Kaplan.
  • BUT all attention is turning to Global prelim PMI releases tomorrow
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