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USD is in the green ahead of the NFP

  • The Dollar trades in the green ahead of the US data, some of the move lower in Equities, has underpinned the USD.
  • Desk are also likely positioning, but low turnovers, suggest that most market participants are on the sideline.
  • The British Pound, saw early initial buying interest, and led against the Yen, but was still well short of pre BoE levels.
  • Similar story against the EUR, would need the latter to drift back towards 0.8359, for pre BoE level.
  • Closest cross was Cable, after making an attempt yesterday afternoon, it failed at 1.2175, today printed a 1.2169 high.
  • Cable was trading circa 1.2193 pre BoE.
  • The Pound has since given back some of its gains, mostly a function of the USD, but also some suggestion of a fix trade (seller) earlier.
  • The Pound is now mixed versus G10s.
  • Looking ahead, US NFP's range is 50k to 325k.
  • Median is 250k, whisper is 226k.
  • The 10 top ranked Bloomberg Economists surveyed, have a range of 180k to 280k.

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