Strong GBP gains & dovish Fed Powell.........>

DOLLAR: Strong GBP gains & dovish Fed Powell pressured the dollar yesterday with

the DXY briefly dipping under 96 for the 1st time since early Feb. Despite

staging a minor recovery through Asia, yesterday's close below 50, 55, 21 &

100-dma's keeps the downside in focus. Bears target a break of the 200-dma &

76.4% fibo of 95.02-97.36 at 95.64/57, below here opens the ytd low at 95.02.

- Gold largely consolidates in a narrow $1325-1330 range, searching for a break.

The 21-dma provides the first layer of support at $1320.06, ahead of the 61.8%

retracement level of $1302.48-1346.80 at $1319.28. Bulls need to clear $1333.13,

before challenging the ytd high at $1346.80.

- Oil futures hold in narrow range trade as with focus on the latest DoE

inventory report, median expectations point to a headline crude build of 2.944mn

bbls.

- A reminder ahead of month-end that most bank preliminary models are suggesting

minor dollar sales.

- US data scheduled for release today from Wholesale Inventories at 1330GMT,

followed by Factory Orders & Pending Home Sales at 1500GMT.