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- A shaky start to the week for risk sentiment on the back of China stability concerns prompted strong demand for historically considered safe haven currencies such as JPY and CHF, with the dollar index also marginally firmer for the session ahead of the FOMC decision/statement on Wednesday.
- USDJPY and USDCHF have both fallen a little over half a percent with sharper declines seen in the crosses as commodity/risk tied currencies such as AUD, NZD and CAD all suffered. CADJPY has fallen 1.1% with heavy equity indices and oil prices exacerbating the pairs decline.
- GBP led G10 declines with aforementioned bearish sentiment drivers mostly to blame, however, uncertainties about the Bank of England's monetary policy and surging gas prices may be acting as additional headwinds.
- With EURUSD downside momentum halted at the 1.17 mark, EURGBP broke out of its consolidating trend today, inching higher to work against the bearish technical outlook. Key short-term resistance at 0.8614, Sep 7 high remains intact for now, but initial resistance at 0.8563 has been cleared.
- Markets will turn their focus to Canadian election exit poll results due later today followed by the RBA's Monetary Policy Meeting Minutes.
- Attention then undoubtedly turns to the plethora of central bank meetings starting on Wednesday, including the Fed, BOJ, SNB and BOE.