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The Yen is again under pressure

USD
  • USD stays on the back foot in the early European session, helped by the Risk On tone.
  • AUD was the best early performer in G10s vs the Greenback, up 0.39%, with Risk a supporting factor, but AUDUSD is now up 0.26% at typing, with the NOK now leading in G10, up 0.29%.
  • Next resistance is seen further out, at 0.6522 in AUDUSD.
  • Early focus is on the USDJPY, although off its best levels, USDJPY traded close to 147.87 the September high and highest print since last November, printed a 147.82 high so far.
  • The move in USDJPY, spilled over, with the Yen also trading near its lows against the EUR, GBP, while AUDJPY lags.
  • JPY is down 0.18%, CAD and CHF are circa flat against the Greenback.
  • The Pound is mostly underpinned, but Cable stays in a 46 pips range, and trades near the middle of that 1.2400/1.2446 range.
  • Looking ahead, US IP, and prelim Michigan will be the notable data releases.

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