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Greenback Off Worst Levels Following US 7-Yr Auction

USD
  • Some USD strength going through following the US 7-year auction which saw the largest tail in a year, providing some relief for the waning DXY on Tuesday. EURUSD now roughly 30 pips off the 1.1009 highs and in similar vein USDJPY climbs back to 147.69.
  • The swift reversal for major equity benchmarks also weighs on AUDUSD, which earlier posted a near four-month high at 0.6666, having topped resistance at 0.6632 and 0.6656 earlier in today’s session.
  • These breaches reinforce the overall bullish theme and signal scope for a continuation higher near-term towards 0.6687, the 2.0% 10-dma envelope and 0.6723, the Aug 1 high.
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