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Markets Sluggish Post-Biden Stimulus Plan

FOREX

Early trade in FX favouring USD, JPY and haven currencies more generally - growth proxies suffering a little, with CNH, AUD, CAD all hitting the day's lows just ahead of the NY crossover.

The outlining of Biden's plans for a $1.9trl stimulus package has raised concerns of swift, sharp opposition from Republican lawmakers over spending on Democratic priorities including aid to state and local governments. More details are expected at a joint session of Congress in February.

CAD, AUD and NZD are among the poorest performers early Friday as WTI and Brent roll off their respective cycle highs printed earlier n the week. Both benchmark oil contracts are off close to 1.5% apiece ahead of the final COMEX open of the week.

Earnings season gets underway in earnest Friday, with reports due from Wells Fargo, Citigroup and JPMorgan later today. US PPI and retail sales and industrial production for December also cross as well as the prelim Uni. of Michigan sentiment numbers.

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