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The USD was broadly weaker through NY after...>

FOREX
FOREX: The USD was broadly weaker through NY after ratings agency Fitch warned
on the impact of tariffs and the Washington Post reported that some Trump
advisors see auto tariffs being imposed later this year, although subsequent
reports pointed to senators planning a bill to delay the auto tariffs. The DXY
moved to fresh lows amid market chatter that U.S. Pres Trump received trade
concessions from Europe, agreeing to work towards lowering industrial tariffs,
which was confirmed, with no fresh tariffs to be implemented during the
negotiation period. The EU has also pledged to buy more U.S. soybeans & nat gas.
- USD/JPY broke below channel base support touching Y110.83. Nikkei headlines
stating that the BOJ is to review allocation of ETF buying into the Topix,
further pressured to Y110.67. EUR/JPY witnessed the biggest falls to Y129.41,
before reclaiming 130.00 as the EUR crosses benefitted from the agreement made
between Trump & Juncker, with EUR/USD rallying to $1.1739.
- CAD held firm on the potential delay to auto tariffs & positive rhetoric from
Mexico & Canada re: NAFTA. USD/CAD broke channel base support & moved through
C$1.3100.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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