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USD Hits August High, But Fades Into NY Hours

FOREX
  • The USD Index briefly printed a new August high in early European hours, putting the gauge at 109.27 before fading. The mid-July highs of 109.294 remain the cycle high for now, and a break above would put the USD at it's strongest since 2002.
  • The EUR continues to trade heavy, with EUR/USD briefly printing 0.9901 before slightly firmer than expected German manufacturing PMI shored up the rate ahead of the NY crossover.
  • Equity futures are distinctly mixed, with no firm market direction so far Tuesday. US stock indices sit slightly higher, indicating a positive open on Wall Street after the sharp pullback noted through Monday's session.
  • Over-arching USD strength continues to work against the CHF, putting the pair higher today for the seventh consecutive session. USD/CHF is now above the 100-dma at 0.9653 and sits at the highest levels since late July. 0.9689 marks the next key upside level, the 61.8% retracement for the July - August downleg.
  • US prelim August PMI data takes focus going forward, expected to slow to 51.8 from 52.2 in July. Richmond Fed manufacturing also crosses as well as new home sales for July. Nonetheless, focus remains elsewhere, with the beginning of the Jackson Hole policy symposium later this week - and Fed's Powell speaking on Friday.
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