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USD Index Extends Pullback To 2.7% From Last Week's Cycle Highs

  • The greenback trades weaker once more, with the USD Index lower for a fifth consecutive session, retracing 2.7% off the cycle high printed last week. Despite the USD pullback, EUR/USD is yet to challenge yesterday's highs at 1.0198, which remains the initial topside level of note.
  • Focus is on the US CPI release, with markets expecting the second consecutive negative monthly read for headline inflation. Markets continue to lean heavily towards a 75bps rate rise from the FOMC and today’s data will be important for Fed officials ahead of next Wednesday’s decision.
    • There are no notable CB speakers, with the Federal Reserve in the pre-FOMC media blackout period.

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