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- An extension of Monday's late bounce in global equity indices aided USDJPY back up to just shy of the 110 mark on Tuesday.
- Overall, the dollar index edged out a small win of 0.1% in a mixed day for G10 FX.
- CAD (+0.4%) was the clear outperformer after yesterday's onslaught. USDCAD retraced back to 1.27 having printed a high above 1.28 during Monday's session. CADJPY had a strong squeeze higher after matching/bouncing from the April lows of 85.43. A late recovery in oil prices kept the Canadian dollar on the front foot.
- Most other G10 currencies lost ground to the greenback, with GBP and NZD retreating around 0.35%. The GBPUSD outlook remains bearish with moving average studies pointing south. What appears a clear breach of 1.3669 should reinforce bearish conditions and pave the way for an extension of the bear cycle. 1.3579, a Fibonacci retracement was briefly probed, support below here is 1.3567, the February lows.
- The greenback strengthened just ahead of the WMR fix, but the moves appeared to be more closely following the uptick in both equity markets and Treasury yields seen just beforehand.
- Australian retail sales and BOJ minutes headline the overnight docket before US crude oil inventories in the latter stages of Wednesday. As a reminder the July ECB statement/press conference is on Thursday.