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USD Mixed Pre-Payrolls, GBP Bouncing

FOREX
  • After a convincing late-Thursday rally, the USD is mixed headed into NY hours, with the USD index holding just above 90.50 and comfortably off last week's cycle lows.
  • GBP is among the strongest in G10, with GBP/USD bouncing smartly off yesterday's lows. The rate eyes resistance at 1.4146 and 1.4185 before the cycle highs of 1.4248 can be challenged.
  • JPY also trades firm, reversing recent underperformance. The medium-term trend remains bullish, with prices holding well north of the Y110 handle at pixel time.
  • NOK and CAD are the weakest ahead of the NY crossover, with oil markets stalling ahead of cycle highs Thursday.
  • The May jobs report takes focus going forward, with consensus seeing job gains of 674k jobs added across the month, pressing the unemployment rate lower by 0.2ppts to 5.9%. Markets may be gearing for a higher-than-consensus release, however, with the whisper number today at 800k.

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