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The DXY extended its recovery off Monday's...>

DOLLAR
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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