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USD: Greenback Holding Onto Very Moderate Gains as FOMC Press Conference Awaited

USD
  • The USD holding onto only modest gains following the hawkish dot plot for 2024, most noticeable for USDJPY which has risen roughly 40 pips to 156.30 at typing. 
  • However, we remain well off the pre-CPI levels that remain back above the 157.00 handle and markets will be looking for clarity over the timeline in finalising the SEP’s for any momentum to build on the greenback reversal.
  • EURUSD holds a very subdued 20 pip range as we approach the presser and finds itself in the middle of the well-established short-term parameters of 1.0720-1.0916.
  • Buoyant equities continue to bolster the antipodeans as the best performing currencies in G10, alongside Scandinavian FX. 
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