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CORN TECHS

(N1) Needle Still Points North

SOY TECHS

(N1) Bullish Theme

COPPER TECHS

(K1) Breaks Out Of Its Recent Range

OPTIONS

Larger FX Option Pipeline

USD

Greenback Weakness Resumes into NY Hours

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  • Markets largely consolidated ahead of the main event of the day - a pre-blackout period appearance from Fed Chair Powell - who stopped short of market expectations for a dovish hint on future policy.
  • By not hinting of further accommodation at March's meeting, Powell boosted Treasury yields and the greenback, prompting a rally to one-mwonth highs for the USD index.
  • This worked against most major pairs, pressuring EUR/USD through 1.20 and GBP/USD over 100 pips off the session's best levels.
  • Equities spiralled on Powell's neutral and defensive approach to policy, taking the wind out of the sails of commodity-tied and growth proxy FX, prompting AUD/USD to re-circle the week's lowest levels. USD/JPY was the main beneficiary, extending the streak of higher highs to eight consecutive sessions.
  • Focus Friday rests on the February jobs report, with the US expected to have added 195k jobs on the month. The unemployment rate is forecast unchanged at 6.3%.