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Modest USD Weakness Helps Support Equity Uptrend

FOREX
  • The greenback trades weaker, with the minor losses most notable against the antipodean currencies - AUD, NZD are both higher today. Markets have largely shrugged off the poor China data overnight, which showed both the manufacturing and non-manufacturing sectors slowed far faster than forecast.
  • The most USD decline comes alongside further equity strength, suggesting the ongoing uptrend in risk appetite is persisting. The e-mini S&P hit a new alltime ahead of the NY crossover today.
  • Canadian monthly GDP data crosses later today, with monthly GDP seen bouncing back into positive territory at +0.7%, although still insufficient to prevent a slowdown in Y/Y growth - seen edging down to +8.8% from +14.6% previously.
  • The data comes as USD/CAD continues to exhibit bearish technical signals, after the Aug 20 price pattern was a bearish shooting star candle. An extension lower would expose 1.2526, the 50-day EMA.
  • The MNI Chicago Business Barometer is the data highlight, with markets expecting a slowdown to 68.0 from July's 73.4.
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