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USD Index Sees Small Bounce Off New Multi-Month Lows

FOREX
  • Currency markets started the Asia-Pacific session as the US left off, with prevailing USD weakness extending the trend into the European morning. EUR/USD's strength persisted into 1.2150, although these gains have largely faded into NY hours. This leaves the USD index just above the multi-month lows printed this morning at 90.424.
  • JPY remains weaker, with EUR/JPY, USD/JPY holding within their bullish short-term trend. This keeps USD/JPY on track to test yesterday's highs at 109.08, with firmer equity markets this morning adding a further catalyst.
  • The e-mini S&P now looks comfortable above the 4,200 mark, with Apple and Facebook's earnings yesterday providing support - both companies trade sharply higher pre-market.
  • JPY, AUD are the weakest, GBP, CAD and CHF the strongest at the NY crossover.
  • Regional German CPIs, advance Q1 GDP data and initial weekly jobless claims from the US take focus going forward. Central bank speakers today include ECB's Weidmann & Holzmann and Fed's Quarles.

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