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USD Index Slips Below 100-DMA Support

FOREX
  • The greenback remains weak, extending the recent downtrend to hit new multi-month lows early Tuesday. The USD index now trades below the 100-dma after the level held as decent support earlier in the week, keeping the USD among the weakest in G10 in early trade.
  • JPY also trades poorly, with the JPY the weakest so far despite further weakness in global equity markets. The E-mini S&P has edged lower in early European trade, with futures testing yesterday's lows at pixel time.
  • Commodity-tied currencies generally held up well in the Asia-Pac / European crossover, but have come under some selling pressure ahead of NY hours as commodity markets roll off their European morning highs.
  • There are no tier 1 data releases Tuesday and the central bank speaker slate is similarly quiet. ECB's de Cos is the highlight, speaking at 1350BST/0850ET.

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