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Free AccessThe DXY extended its recovery off Monday's...>
DOLLAR: The DXY extended its recovery off Monday's low (97.02) to close in NY
around the 97.50 area yesterday. Despite a bout of modest-risk off following
weak Chinese activity data, consolidation has largely remained the theme
overnight with the dollar index trading a very narrow 97.48-55 range. Topside
focus remains on a break of the 97.70/80 area which has registered a series of
previous highs, above here opens a run at the 98 level, ahead of the ytd high at
98.33. Bears need a break of 97.00/05, before challenging the 100-dma at 96.73.
- Gold has so far failed to recover $1300 and holds towards the lower end of its
$1294.51-1298.28 range at the European crossover. The 100-dma comes in today at
$1296.96.
- Crude trades off its worse levels of the session, with WTI -$0.15 & Brent
-$0.30.
- Reminder of SOMA today with $19.7bn rolling off the balance sheet.
- A bit more activity on the US calendar with main focus on Retail Sales &
Empire mfg at 1230GMT. Industrial Production follows at 1315GMT.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.