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Greenback Weakness Exposes Key Support

FOREX
  • The greenback trades softer early Friday, retracing a small part of the run higher to session highs earlier this week. The USD Index has pulled back to trade either side of the 108.50 level. The greenback weakness is the most notable pullback in recent weeks, however the USD Index is still well off the 50-dma support at 107.44.
  • The dollar continues to track US yields, with the 10y yield pulling back below 3.30% ahead of the US crossover, moving in tandem with equity markets that indicate a positive open.
  • The top in the greenback coincided with USD/JPY finally finding some resistance, leaving the cycle high at Y144.99 intact for now. Language toward the JPY currency continues to firm among the Japanese authorities, with BoJ's Kuroda noting that “A two to three yen move against the dollar in a single day is very sudden.”
  • USD/JPY has slipped close to 200 pips ahead of the US crossover, allowing the overbought technical condition to unwind off the recent high.
  • Elsewhere, NOK is the strongest currency in G10, while CAD, and greenback are at the bottom of the pile.
  • Focus turns to the Canadian jobs report, with markes expecting a +15k net change for employment across August. Speeches are also scheduled from Fed's Evans, Waller and George.
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