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Greenback Makes Modest Gains, But Markets Lack Conviction

FOREX
  • The greenback is making modest gains early Monday, with markets gearing a positioning for the Fed rate decision on Wednesday. GBP is at the other end of the table, falling against all others to further unwind some of the recent outperformance to put GBP/USD either side of 1.1550.
  • All-in-all, currencies lack conviction or direction ahead of a particularly busy week, with rate decisions due from the Australia, US, UK and Norwegian central banks - all of which are seen tightening policy further.
  • Weakness across both onshore and offshore Chinese currencies persists, with the latest wave of pressure following overnight reports from BBG, who cite sources in reporting that the US has raised the idea of export control regimes for China with their European partners - mimicking the patterns and techniques used with Russia. More detail could follow in December, as EU and US officials look to draw up a roadmap for their high-level trade forum.
  • Focus turns to the MNI Chicago PMI for October, seen rising to 47.0 from 45.7 previously. The prelim Eurozone CPI estimate is also due as well as speeches from ECB's Visco and Lane. The Fed remain in their pre-decision media blackout period.

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