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Greenback Lower for Second Session, Nearing First Support

FOREX
  • The greenback trades poorly early Tuesday, slipping against all others in G10 as currencies follow yields lower. The 10y yield is lower for a fourth consecutive session, edging toward 1.75% and the lowest level since Jan25. The USD Index is lower for a second session, with the 50-dma the next downside level at 96.11.
  • AUD traded volatile overnight, with AUD/USD dropping to 0.7034 as the RBA concluded their QE programme, but stressed that an end to asset purchases does not equate to a near-term increase in interest rates. Into the NY crossover, however, AUD/USD trades positively, with the bias toward USD sales working in favour of the pair. 0.7121, the Jan27 high, marks the first upside level.
  • Elsewhere, the EUR has added to the week's gains, with EUR/USD climbing to touch 1.1269 as positive short-term technical signals begins to emerge - yesterday’s daily close highlights a 3-day Japanese candle reversal known as a morning star. This suggests scope for a stronger short-term corrective bounce toward 1.1293, the 20-day EMA and the first upside level.
  • Canadian GDP and the US January ISM Manufacturing data cross later today, with particular attention to be paid to the price paid subcomponent, with markets expecting a deceleration to 67.0 from 68.2.
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