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FOREX: JPY outstrips the rest and GBP left behind on political risk
-JPY benefited from a wave of buying in Asia following the BoJ's decision to
tweak their Rinban purchase program (trimming longer-end purchases) and a second
spurt ahead of the US close pressing USD/JPY back towards Y106.50.
-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.
Fast money selling overpowered model buying, sending GBP/USD below the 50DMA and
towards the Feb9 low target of $1.3765.
-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 Powell's testimony tomorrow may not draw as much attention as yesterday's,
but any line of difficult questioning 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.
-Focus turns to tomorrow's weekly jobs numbers, personal income/spending figures
and ISM manufacturing for February.