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- Buoyant market sentiment provided a tailwind for risk-tied currencies on Thursday, with the Japanese Yen seeing steady selling pressure throughout the session.
- This led to significant moves in yen crosses, with particular strength seen in AUDJPY, CADJPY and NZDJPY, all rising just shy of 1.5%.
- Despite the higher US yields, the recovery in equities worked against the US dollar, with broad dollar indices retreating around 0.5%.
- Some hawkish repricing in UK money markets following the Bank of England also supported GBPUSD, rising 1% from the early lows hovering 20 pips below the week's highs and the 20-day EMA circa 1.3760.
- Today's gains leave a key support at 1.3602 unchallenged, Aug 20 low. Furthermore, it also means triangle support at 1.3633 remains intact despite being probed yesterday and today.
- In similar fashion, the Norwegian krone rallied over 1% against the greenback with an upbeat central bank meeting as well as oil prices providing a beneficial backdrop for NOK.
- In the EM space, a surprise rate cut worked against the Turkish Lira. USDTRY (+1.3%) matched record levels just above 8.80, last seen in June earlier this year.
- German IFO data headlines the EU session on Friday before Fed Chair Powell, Gov Bowman and VC Clarida are due to deliver remarks at an online event.