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JPY Dips as Equities Reverse Tuesday Weakness

FOREX
  • Following yesterday's mixed finish for equities (both Europe and US indices closed lower), risk sentiment has been far more positive early Wednesday, with mainland Europe bouncing nicely. Markets across Asia also traded positively, helping start the session with a risk-on tone, and leading the JPY to underperform all others.
  • Australian GDP data came in ahead of expectations, with Q2's quarterly reading at 0.7% vs. Exp. 0.4%. Prior readings were also revised higher, giving AUD a boost to the top of the G10 table so far Wednesday.
  • The USD has traded more rangebound, with the USD Index either side of the 92.592 50-dma.
  • US ISM Manufacturing data takes focus going forward, with markets looking to gauge clues ahead of Friday's Nonfarm Payrolls release. ECB's Weidmann and Fed's Bostic are both scheduled to speak.

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