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Major Pairs Buoyed as USD Retreats into NY Hours

FOREX
  • Fading greenback helping aide new highs for EUR/USD, with GBP/USD and AUD/USD also improving well over the past 30 minutes and across the NY crossover. EUR/USD progress higher has been slow but steady, with the firming US 10y yield doing little to underpin the greenback a few hours out from the cash equity open.
  • In contrast to yesterday's session, volumes are sharply higher across G10 FX futures Tuesday, with the EUR future seeing 40% above average activity for this time of day. The BoJ headlines and JPY rally helped catalyse much of the trade, but volumes were already healthy ahead of that report.
  • Friday's high remains out of reach for EUR/USD at 1.0640, but a further fade in the greenback and a rise through here would help build the case for a base at early Oct's 1.0448, opening the 50-dma of 1.0713. This brings US data into view, with retail sales and industrial production stats due across Tuesday morning.
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