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The overnight risk-on move spills over into...>

FOREX
FOREX: The overnight risk-on move spills over into Europe with the USD losing
ground across the board. NOK sits top of the G10 pile with gains of 0.51% as
focus turns to today's policy meeting at 0800GMT. All 17 analysts in a Bloomberg
survey are expecting the Norges bank to hold, but a 25bps increase to 0.75% in
September looks likely (See MNI POV - Hike Wait Until September). EURUSD
encountered resistance ahead of the $1.1400 level in early Europe, last $1.1393.
GBPUSD comfortably holds above $1.2700 with focus on UK Retail Sales (0830GMT)
where analysts are looking for a pick up after a weak June. Previous m/m growth
in retail sales was -0.5% and the MNI median for the month of July is flat.
Excluding fuels, retail sales was previously -0.6% m/m, with the MNI median for
the month of July at -0.1%. USDCHF failed again around the double top
Chf0.9980/85 area yesterday and has since drifted to Chf0.9916, while USDTRY
continues its reversal to Try5.7234. DXY drifts to 96.40, gold improves $18 on
the session to $1178.73 and the US 10y breaches 2.88%.   

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