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Markets in Consolidation Mode Ahead of Early Close

FOREX
  • JPY continues to backtrack a small part of the recent strength, and is the weakest amid a quiet G10 backdrop. USD/JPY is edging back toward the Y133.00 handle, still well shy of the week's opening level either side of Y136.00.
  • Despite USD/JPY's strength, the greenback is similarly weaker, falling against all others in G10 to partially reverse the rally posted after yesterday's GDP upgrade.
  • In a similar fashion, markets are squaring off recent weakness posted across high beta and growth-sensitive FX, helping put AUD and NZD at the top of the G10 pile.
  • EURGBP pierced a bull trigger this week, edging higher yesterday and topping 0.8829, the Nov 9 high. The outlook remains positive and a clear break of 0.8829 would strengthen this condition. This would pave the way for a move towards 0.8858, the upper band of a MA envelope and 0.8907, a Fibonacci retracement.
  • Asset markets see a series of early closes across Europe today, with UK markets closing after midday and US markets undergoing a half day. This could keep volumes and liquidity muted across a raft of US releases, with personal income/spending, prelim durable goods orders, Michigan confidence and new home sales releases all on the docket.
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