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- The decoupling between EM and DM FX.........>

FOREX
FOREX: - The decoupling between EM and DM FX continued yesterday with the TRY
mounting a strong recovery as G10 currencies all slid.
- EUR and GBP both made new lows for the cycle and are showing few signs of
support as their downtrends intensify. 
- AUD also made fresh lows, breaking above 0.7250 which now acts as resistance.
NZD has so far held Monday's lows but remains under pressure trading at 0.6576.
- The rise in the DXY puts the index at its best levels since June last year and
has now comfortably retraced 50% of the 2017 drop. 
- USDJPY broke above downtrend resistance, building on gains since overcoming
its 55-DMA. Currently trades at 111.19. Yen crosses have failed to join in the
rally seen in other risk assets over recent trading.

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