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Resumption of Post-Data Strength Tips USD Through to New Highs

USD
  • Post-CPI gains in the USD resume after a the initial reversal, with EUR/USD edging just through the data react lows. USD/JPY worth watching on the approach to the 50-dma, last broke above the level in July of last year, currently crossing at 146.21.
  • Both the CPI and jobless claims numbers providing a tailwind here, with Fed rate cut pricing retreating for the March meeting (as noted above, March FOMC pricing sheds ~2bps, with ~16bps cuts priced vs. ~18bps pre-data.

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