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The Dollar takes its cue from Equities

CROSS ASSET
  • The Dollar is on the backfoot taking its cue from the Risk On tone following the NVIDIA beat Yesterday.
  • Despite a late rally and some continuation overnight Nasdaq futures is well short of its best traded level of 18,121.50 going into the European session.
  • Focus though, will clearly be on the European open, with Estoxx futures printing a new fresh contract high overnight, albeit off its best levels, as Europe joins the session.
  • Best performers in G10 are the Kiwi and the Aussie supported by the Indices.
  • NZDUSD is now testing the immediate resistance noted at 0.6206, so far printed a 0.6211 high, while further upside traction will target 0.6243 next.
  • For the AUDUSD, next area of interest is at 0.6603, NOT a tech level, but where it was trading pre February US NFP.

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