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Greenback Fading Off Session Highs Ahead of Powell Missive

USD
  • Greenback continues to revert off the earlier highs headed into the NY crossover, tipping EUR/USD back above the 200-dma and away from a more material test of the base of the bull channel at 1.0769.
  • GBP/USD another beneficiary of the recovery off lows, with the pair now back above yesterday's close to test weak intraday resistance at 1.2617 and 1.2652 above.
  • Moves in the USD look isolated from both equities and Treasuries, with both markets contained inside the morning's ranges 2 hours out from the cash equity open.
  • Currency futures volumes sit just ahead of average, with activity picking up through the NY crossover. GBP futures have now traded 15% more than average for this time of day.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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