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DOLLAR: The dollar sits mildly firmer across the board and looks set to extend
its rally at the European crossover. The DXY has registered successive gains
into a seventh session, up 1.59% from the Jan 31 low. A topside break of the
double-top resistance area & 61.8% retracement at 96.67/68, opens a run at the
97 level. Above here is likely to accelerate the move towards the 76.4% fibo at
97.08, ahead of the Dec 14 high at 97.71. Gold based ahead of $1302 yesterday
with the recovery extending through $1310. Consolidation was the overriding
theme in Asia with bulls short-term focus on the Feb 7 high at $1312, ahead of
$1314.59 which represents the 50% retracement of $1326.33-1302.85. WTI & Crude
both trade around $0.40/oz at typing. This comes after trade war worries and
lower global growth forecasts weighed on crude on Thursday. The only US data
release on the calendar today is the US NY Fed GDP Nowcast for Q1 which was
previously at 2.61%. The only speech of the day is at 1815GMT, when San
Francisco Federal Reserve Bank president Mary Daly participates in a Q&A session
in San Francisco, California. Also, a worthy reminder of the very large $1.64bn
USDJPY expiry at Y110.00/05 for today's NY cut.