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Risk Off drives the USD higher

FOREX
  • Risk off has been the main driver for the Dollar strength, with Banks coming under considerable pressure, especially for Spanish Banks, after Spanish lawmakers pass country’s 1st-ever housing law.
  • Similar pressures in Italians Banks, on the back of Italy working on levy on banks to fund family relief -source (Reuters).
  • The USD is in the Green against all the majors, and leads against the Yen, after the BoJ Delivered its expected unchanged rate.
  • European inflation data eased throughout Europe, but for the exception of France, which beat expectations, but overall German Regional all came below their last readings, but this was largely ignored by Equities, taking their cues from Banks stocks, and desks likely lightening some risk ahead of the long weekend.
  • Risk off is putting the AUD under renewed pressure, and AUDUSD now targets 0.6565 the April low and lowest print since November.
  • Looking ahead, US PCE core deflator, MNI Chic PMI, final Michigan.
  • ECB Largarde is the notable Speaker.
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