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- With major US equity indices edging lower, risk tied currencies lost ground while major pairs remained broadly unchanged.
- Losses were concentrated in AUD, NZD and CAD, all retreating by around 0.4%.
- EURUSD and USDJPY were little changed from Monday's close and due to their weighting, the DXY held an extremely tight range during the US session on Tuesday. The Bloomberg dollar index, however, strengthened 0.2%, aided by a broad sell-off in emerging market FX.
- Despite the gains in oil, USDCAD continued it's gradual bounce off 1.20 support and matched key resistance at 1.2203 today. For bulls, clearance of 1.2203, would instead signal a short-term technical base and the potential for a stronger corrective bounce.
- GBPUSD briefly broke through most recent lows around 1.4070, prompting a quick bout of selling which brought the pair down to lows of 1.4034, just below key support at the 50-day EMA at 1.4039. The dip ran into solid demand and a quick 50 pip recovery ensued.
- Both the UK and Canada will release their respective CPI data tomorrow.
- The focus, however, is undoubtedly on tomorrow's Fed meeting, where Chair Powell will likely make it clear that the FOMC is not yet ready to move any further than just talking about reducing asset purchases.