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Greenback Relinquishes Intra-Day Advance Ahead Of Long Weekend

FOREX
  • Despite the USD index rallying roughly 0.7% in early session trade on the back of hawkish Fed rhetoric late Thursday, the greenback has reversed all of this advance throughout US hours.
  • Pressure on the dollar accelerated as Fed's Barkin was seen eyeing 25bp hikes, calming recent market fears over a return to 50bp US hikes. Potential profit taking may have exacerbated the move as we approach the weekend close and factor in the US President’s Day holiday on Monday.
  • GBPUSD (+0.43) is now roughly one percent off the overnight 1.1915 lows with similar price action being seen in the Japanese Yen, with USDJPY narrowing the gap with the overnight lows of 133.94 approaching the close.
  • The emerging market basket is also performing very well with notable gains in high beta plays such as the BRL and ZAR.
  • Also worth noting that USDMXN has traded at near-five year lows below 18.40, extending some weakness below the significant psychological/technical support at 18.50 that was breached on Thursday, potentially signalling a move down to the 2018 lows around 17.94.
  • There are no major data releases on Monday, with volumes likely to be limited by the US holiday. RBA minutes and Eurozone Flash PMIs kick things off on Tuesday before Canada’s latest inflation data.
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