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FOREX: Greenback at Session Lows Into NY Hours

FOREX
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Greenback headed into the NY crossover at the session's lowest levels - while FX markets seemed to shrug off the recovery in yields into the Friday close, the dollar's certainly chasing the US 10y yield lower so far today, with EUR/USD through to print 1.0450 and GBP/USD just above the 1.2600 handle.

  • For EUR/USD specifically, price has risen above the 50% retracement of the post-Fed price action at 1.0428 - making 1.0473 the next intraday level of interest on rallies.
  • While FX volumes headed through the European morning at very low levels, they've caught up slightly into US trade, with the activity deficit dropping to 5-10% on the day, from ~30% at the European open.
  • Despite the USD pullback, price action lacks much conviction here, with daily AUD/USD chart showing the price still well within range of cycle lows at the bear trigger of 0.6199.
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Greenback headed into the NY crossover at the session's lowest levels - while FX markets seemed to shrug off the recovery in yields into the Friday close, the dollar's certainly chasing the US 10y yield lower so far today, with EUR/USD through to print 1.0450 and GBP/USD just above the 1.2600 handle.

  • For EUR/USD specifically, price has risen above the 50% retracement of the post-Fed price action at 1.0428 - making 1.0473 the next intraday level of interest on rallies.
  • While FX volumes headed through the European morning at very low levels, they've caught up slightly into US trade, with the activity deficit dropping to 5-10% on the day, from ~30% at the European open.
  • Despite the USD pullback, price action lacks much conviction here, with daily AUD/USD chart showing the price still well within range of cycle lows at the bear trigger of 0.6199.