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- Usd/Jpy initially held a narrow 40 pip......>

FOREX: - Usd/Jpy initially held a narrow 40 pip European morning range, but soon
encountered selling pressure into NY. As the DXY slipped back under 90, Usd/Jpy
moved through Y107.00 to Y106.65. Dip buying triggered fresh demand interest
through the WMR fix to briefly reclaim Y107.
- Eur/Usd traded either side of $1.23 after release of the ECB minutes which
discussed dropping the easing guidance but concluded it was too early. The
weaker USD theme squeezed to $1.2352 before meeting resistance ahead of
Tuesday's high ($1.2360).
- Soft UK GDP (1.4% y/y vs median 1.5%) pressured GBP to extended lows of
$1.3857 at the NY crossover. However, Gbp/Usd was quick to pare losses as broad
USD sales emerged, rate squeezed to extended highs of $1.3989 before fading.
- Firmer iron-ore/AUD yields supported Aud/Usd overnight, the buoyant tone
spilled over into NY with strong gains seen in oil and gold extending the
recovery to $0.7860.
- Usd/Cad spiked through the 200-dma to C$1.2755 after the release of soft
Retail Sales, but later gave back gains to hold around the C$1.2710/15 area.

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