Reporting on key macro data at the time of release.
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FOREX: Usd/Jpy staged a relief rally in Asia, the pair recovered to Y111.82
after JGB purchases were maintained at a steady pace and denials of yesterday's
China treasury story emerged. Usd/Jpy squeezed to Y111.88 in Europe but was
unable to consolidate gains. Soft US PPI/Jobless Claims data sparked fresh
dollar sales, before the strong US 30y auction pressed to lows of Y111.04.
- The euro gained strong position traction after the ECB minutes showed guidance
could shift gradually from early 2018. Eur/Usd spiked through $1.2000 on react
and was given an additional boost after the poor US data to $1.2059. Eur/Jpy
climbed over a 100 pips to Y134.35 but still has a way to go before challenging
last week's high (Y136.64).
- Cable largely tracked Eur/Usd, the break back above $1.3500 supported by the
weak US data, extended to $1.3555.
- Aud/Usd largely consolidated gains following the overnight release of strong
Australian Retail Sales data (1.2% m/m vs median 0.4%). Surging oil prices
further supported to $0.7895 and near 3-month highs. Usd/Cad slipped to react
lows of Cad1.2516. US CPI & Retail Sales provide the main event risk tomorrow.