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- In a relatively eventful session, the greenback surged, bouncing well off the Monday lows, as renewed equity weakness helped boost haven currencies and undermine growth-proxy and commodity-tied FX. Notable weakness in the global chipmakers helped shake sentiment, with the S&P 500 knocked to new multi-week lows to open a near 70 point gap with the all time highs posted in late April.
- The strong dollar sentiment was also reinforced by commentary from US Treasury Secretary (and former Fed chair) Yellen, who stated that rates may need to move higher to temper an economy that may 'overheat'.
- The bouncing greenback prompted the USD Index to narrow the gap with next key resistance at the 91.718 50-dma. A clean break and close above here opens initially 91.980 ahead of 92.286.
- Focus Wednesday turns to final April PMI data from across the Eurozone and US, European PPI number s for March and the April US ISM Services data. The ADP employment change report will also be watched for any read through to Friday's NFP release. Central bank speakers include Fed's Evans, Rosengren and Mester as well as ECB's Lane.