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Narrow G10 Ranges, CHF The Clear Laggard

FOREX
  • G10FX held fairly tight ranges to start the week, with a lack of tier one data and markets firmly focused on Wednesday's U.S. inflation readings.
  • The US dollar traded from very minor negative territory back into the green as broad optimism following Friday's jobs report resurfaced.
  • The Swiss franc was the clear underperformer, with both EURCHF (+0.4%) and USDCHF (0.52%) making a move to the topside. After making fresh lows from December below 107.35 EURCHF has had a notable bounce back above 1.08. USDCHF is set to post a fourth consecutive day of gains, potentially eyeing a move towards resistance from the July highs at 0.9275. The continued resilience of US equity indices potentially underpinning the slight away from safety with no significant domestic headlines.
  • A shaky commodity complex, driven by the increased volatility in gold stemming from the gap lower overnight, weighed on AUD , NZD and CAD, all retreating between 0.15-0.25%. However, a distinct lack of catalysts failed to garner much momentum in currency markets.
  • Aussie NAB Business Confidence overnight before German ZEW sentiment data during European hours. No notable data on the U.S docket before Wednesday's CPI data.
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