USD Edges Lower - The greenback traded........>

FOREX: USD Edges Lower

- The greenback traded lower against the majors overnight. Commodity linked-FX

benefitted from an uptick in oil prices stemming from uncertainty heading into

Friday & Saturday's OPEC+ meetings. The OPEC+ committee has recommended an

increase in production of 1mn B/D, although the actual increase will likely be

closer to 600K B/D. Iran protested against the decision as expected, leaving a

cloud of uncertainty hanging over the upcoming proceedings. NZD outperformed,

with AUD & CAD also higher on the session.

- GBP & EUR also managed to lodge marginal gains on the aforementioned USD

weakness.

- USD/JPY continued to operate below Y110.00 for most of the session ignoring an

in line Japanese CPI release. The broader risk tone continues to drive the pair,

although it is interesting to note that the pair's correlation with US 10-Year

Tsy yields has moved to the lowest level observed since February of last year.

- Focus on Friday falls on the preliminary Eurozone & U.S. PMIs, Canadian retail

sales & CPI.