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FX SUMMARY - USD holds onto gains

FOREX
  • USD remains in the green this morning, albeit still trading within ranges in G10.
  • The currency is underpinned despite lower US yield.US 10yr, and likely helped by some corrective move lower in risk.
  • The Greenback tested session high, breaking out of the overnight tight ranges against NOK, EUR, GBP, CAD, JPY, CHF, AUD, SGD, CNY. PHP, but moves lacked conviction, and the currency has in turn moved off its best levels.
  • CHF and NOK are the only currency still holding onto gains against the USD in G10s.
  • Scandis, saw a small dip lower for the SEK, following a miss on MoM Industrial orders as well as MoM GDP indicator.
  • Although both set of data saw a decent beat on the YoY print.
  • EURSEK is trending at the upper side of the range.
  • Better USD buying has also been a factor.
  • USDSEK has formed a small base at 8.2458, which was the 26/05 low, the lowest level since 25/02, and failed to break below the latter on the 1st and 7th June.
  • USDJPY is up 0.23%, and in a 35 pips ranges, trading at 109.50 at the time of typing, with 1.07bn worth of expiry at that 109.50 strike, which may act as a magnet.
  • Looking ahead, very little in terms of tier 1 data left on the calendar.
  • Most desk remains on the sideline ahead of key events (ECB), and data (US CPI) on Thursday
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