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Inching closer to overnight lows

EURO-DOLLAR

The pair continues to soften, with Asia-Pac lows now within reach at
$1.1712. The greenback is clawing back some of the overnight losses at the
NY crossover as volumes begin to pick up.

No headlines or cross-asset price action has prompted the modest pullback,
with position squaring likely responsible ahead of the FOMC decision
later today.

Similar price action is seen in USD/JPY, which has narrowed the gap with
overnight highs of Y105.24, which coincides with the Lower 2.0% Bollinger
Band.

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