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Greenback Slips In Rangebound Asia-Pac Trade

FOREX

The greenback gave away some of yesterday's gains as short-end U.S. Tsy yields slipped in Tokyo trade. The BBDXY index slipped as marginal upticks in all three main e-mini contracts reduced demand for safe havens.

  • The yen struggled, joining the greenback among G10 worst G10 performers. Gains in USD/JPY were minuscule but allowed the pair to creep further towards its recent cyclical highs.
  • Antipodean divergence unfolded, as the Aussie landed near the bottom of the G10 pile, while the kiwi outperformed at the margin. A beat in Australian retail sales did little to rescue the Australian dollar.
  • European hours will see the release of German CPI & final EZ consumer confidence. After that, focus turns to the third reading of U.S. GDP & PCE.
  • In addition, comments are due from Fed's Powell, Mester & Bullard, ECB's Lagarde, de Guindos & Schnabel as well as BoE's Bailey & Dhingra (many of them will speak during the ECB's Forum on Central Banking 2022).

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