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FOREX: The dollar resumed its strength yesterday and remains firm this morning
even as US real yields declined in line with the fall in Tsy yields overnight.
- The euro has recovered slightly after hitting 1.1541 last night, to trade at
1.1563 currently, but continues to look set to test its June 20 lows before
likely heading lower. Real yield differentials between the US and Germany
suggest the euro should significantly lower.
- The yen continues to outperform non-dollar FX but USDJPY continues to trade in
a tight range, currently at 110.14. In contrast to previous episodes, the large
drop in US real yields provided little support to the yen.
- The Aussie has broken below 0.7350 in line with our expectations and remains
below this support-turned-resistance level.
- The kiwi has also broken support at 0.6800, currently trading at 0.6782, with
the RBNZ's neutral OCR decision preventing the pair from continuing its steady