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USD Hits the Skids, Tests 100-dma Support

FOREX
  • As was the case throughout the European morning, the USD remained weaker across the NY session, keeping the USD index under pressure throughout. The USD index hit the lowest level since early March and tests key 100-dma support at 91.051. A break below here opens another test on the multi-month low printed on Feb 25 at 89.683.
  • GBP was the strongest currency Monday, reversing much of the early April weakness. GBP/USD convincingly cleared the 50-dma at 1.3869, opening further strength in the coming sessions. The next resistance is layered ahead of March's 1.4001/05.
  • The USD, CAD were the weakest in G10, while GBP, JPY and NOK were the strongest performers in G10.
  • Focus Tuesday turns to UK jobs data and a speech from ECB's de Cos. The RBA minutes also cross from their unchanged April meeting.
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