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USD extends losses

CROSS ASSET
  • More pressure on the USD, as Equities push through the intraday high.
  • Move in Govies seems Short end Rate play, with Eurodollar for the US and Euribor for Europe strips, trade higher .
  • Overall given the price action in Govies and Equities of late, suggest that some investors favour a lower rate hike path play.
  • Nonetheless, not seen any decent size clips going through, and given the lower liquidity, doesn't take much in terms of order flow to move the needle.
  • USD is under pressure against the EUR, JPY, GBP, NOK, AUD, CAD, SGD, CHF, SEK, NZD.

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