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FOREX: ***JPY benefited from a wave of buying in Asia on Wednesday following the
BoJ's decision to tweak its Rinban purchase program & a second spurt of demand
ahead of the US close, USDJPY at 106.70 last while EURJPY hovers around 130.00.
- GBP suffered throughout the day as EU's Barnier, the Chief Brexit negotiator,
poured cold water on the UK government's plan for a tranquil transition period,
with UK PM May stating that no PM could accept the EU's latest demands. Fast
money selling overpowered model buying, sending GBPUSD below the 50DMA.
- Month-end greenback buying seemed to peter out at around the NY open and the
Dollar Index stopped just shy of a material break of the 50DMA.
- The second half of Fed Chair Powell's testimony on Thursday may not draw as
much attention as Tuesday's, but the Q&A will be keenly eyed.
- SEK fell further, extending the losing streak against the EUR to touch fresh
seven year lows as markets continue to write down rate hike expectations.
- AUD also remained under pressure as the AUDUSD broke the 200 DMA, while the
NZDUSD's next downside target appears to be its own 200-DMA at 0.7175, although
0.7200 is providing support in early Asia-Pac dealing.