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GBP Leads Bounce to Drag DXY Off Cycle High

  • The greenback traded solidly across Asian hours, helping the USD Index print a fresh YTD high for a third consecutive session. Markets have moderated since, with the bounce led by the beleaguered GBP, which has snapped a four session losing streak ahead of Friday's NY crossover.
  • SEK is the poorest performing currency so far, helping EUR/SEK climb toward the highest levels of the week, prompting a test of the 76.4% retracement level at 8.7516.
  • USD/CHF has quietly printed a new weekly this morning at 0.9231, with CHF continuing to trade poorly against most others. A recovery and close above 0.9229 opens gains toward 0.9262, the 61.8% retracement of the October-November downtick.
  • Prelim UMich sentiment numbers take focus Friday, with markets expecting an improvement in the expectations component, but weakness in current conditions. ECB's Lane, BoE's Haskel and Fed's Williams are all due to speak.

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