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USDCAD TECHS

Consolidation Mode But Remains Bearish

AUDUSD TECHS

Fails To Hold Onto Thursday’s High

US

'Big Tech' Bill Goes To Senate

COMMODITIES

Oil Up For Fifth Week On Supply Disruption, Geopolitics

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J.P.Morgan note that “late November saw Japanese investors net selling foreign assets, potentially representing some profit-taking amid concerns over the Omicron variant. But overall Japanese capital flows remain light; deleveraging/de-risking in foreign spec positioning looks to be the dominant driver of recent USD/JPY price action. This looks consistent with USD/JPY recoupling to long-end yields, rather than short-end rate spreads (JPY spec positioning has been closely aligned with the trajectory of U.S. 10-Year yields). A decisive recovery in sentiment, and/or some widening in long-end spreads, is probably a prerequisite for USD/JPY to break out of its recent range.”