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FOREX: The dollar trends lower in holiday-themed markets.
- Volumes have so far remained light with most of Europe out for the May Day
holiday. Despite this the dollar extends its downtrend with the DXY touching
lows of 97.42.
- Once again sterling sits top of G10, buoyed by yesterday's close above its 100
& 200-dma's. Uk mfg PMI came in-line with expectations at 53.1, however with
this largely priced in GBPUSD rallied to highs of 1.3073.
- EURGBP cleared 0.86, while GBPJPY squeezed to Y145.70, stalling just shy of
the 61.8% retracement level of Y147.01-143.78 at Y145.78.
- EURUSD remains at elevated levels consolidating yesterday's break and close
above 1.12 Rate extended to 1.1230 and brings broken trendline resistance back
into view at 1.1250.
- Kiwi remains bottom of G10 following release of the mixed NZ Labour report
overnight. Despite a fall in the unemployment rate to 4.2%, wage data proved a
disappointment, pressuring NZDUSD to $0.6629. Rate later recovered to $0.6655.
- FOMC the main highlight today (1800GMT), US ADP & ISM mfg also due.