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Greenback Bounce Fades Ahead of the Close

FOREX

The dollar strengthened throughout the Asia-Pac and European session Monday, with profit-taking and short-covering likely responsible. This price action partially reversed into the US close, with EUR/USD recovering off the earlier lows of 1.2132 and USD/JPY failing to make headway above 104.40.

Nonetheless, the dollar still rose against most others, while commodity-tied currencies including NOK and CAD slipped.

Datapoints and notable speakers were few and far between, leaving currencies to follow the macro picture - namely a modest pullback in equities away from alltime highs and the incoming White House team upon Biden's inauguration on January 20th.

Focus Tuesday turns to Fed speakers, with Brainard, George and Rosengren due, as well as BoE's Broadbent and ECB's de Cos.

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