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Risk-off flows into Europe, USD firm across...>

FOREX
FOREX: Risk-off flows into Europe, USD firm across the Board
- Risk-off flows spilled over into Europe, weighed by sharp falls in global
equities. E-mini S&P futures breached the key 2,800 level with the downtrend
extending toward 2,783.75. The 200-dma comes in at 2785.94 and has not closed
below here since Mar 8.
- USDJPY touched pullback lows of Y109.15, AUDJPY Y75.48, while EURJPY breached
Y122.00 for the first time since early Jan.
- The USD held firm across G10 (except JPY, CHF) & EM's. EURUSD drifted to
$1.1152 with added weight from poor German unemployment data. GBPUSD remained
defensive amid the backdrop of brexit & political uncertainty, printing lows of
$1.2632. The DXY rallied to 98.02 with topside focus on the ytd high at 98.37.
- Swedish GDP data came in well above forecasts (0.6% Q/Q vs median 0.2%).
EURSEK touched react lows of Sek10.6629, but was quick to pare losses.
- Political uncertainty further pressured the Rand to the bottom of the pile.
USDZAR spiked to multi-month highs of Zar14.8934 and is starting to generate
overbought conditions on the technical indicators.

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