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The Dollar pares some gains

FOREX
  • USD trades more mixed against G10, after the currency was outperforming across the board in the early European session, the dollar is now up 0.25% against the Yen, and down 0.22% versus the NOK.
  • The bid in Equities has somewhat been the driver in the USD pullbacks.
  • EUR is mostly on the front foot, up in G10s, albeit still struggling, a touch, trading in the red against the Scandis, NOK and SEK.
  • Some pressure on the British Pound this morning, EURGBP is through initial resistance at 0.8476 High Oct 26, and next upside level is now seen at 0.8508 50-day EMA.
  • EURCHF is off the lows, and market participants are keeping a close eye on the 2020 low at 1.05075, also the lowest level since July 2015.
  • EURCHF is now at 1.05911.
  • Looking ahead, UK OBR and Rishi Sunak testify.
  • Out of the US, Manufacturing PMI will be final reading, we also get ISM manufacturing and price paid.
  • Attention is squarely on the Fed and the BoE for G7 this week, with both Central Banks expected to stay unchanged.
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