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-TRY, ZAR, BRL, MXN and particularly ARS......>

FOREX
FOREX: -TRY, ZAR, BRL, MXN and particularly ARS sold off sharply Thursday,
underpinning only the second USD rise in 11 sessions. The USD's modest rebound
is still yet to prompt a DXY recovery above the 50-dma at 95.011, so the bearish
trend remains in tact. JPY was the sole currency to outperform the USD in G10
today, but USD/JPY holds above Y111.00.
-EMFX pain remains focused on Argentina, where the Argentinean central bank's
attempts to shore up the currency via a 15 percentage point rate rise to 60%
(reportedly the highest in the world) failed to stem the outflow and was
followed by a record high USD/ARS rate above 40.
-AUD and NZD weakness persisted throughout Thursday following poor domestic data
from both Australia and New Zealand. AUD/USD remains uncomfortably close to the
YTD lows of $0.7203. AUD/NZD, meanwhile, rallied back above the 50-dma.
-Focus Friday turns to Tokyo CPI, Japanese Industrial Production, German retail
sales, French, Italian CPI measures and US Chicago PMI.

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