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USD pares overnight losses

FOREX
  • The Dollar was trading in the red overnight and in early European trading, but the Greenback has pared losses given the continued Risk Off tone.
  • The USD is now mostly in the green against G10, although the Yen and the Kiwi are still holding gains.
  • Looks like the Yen has benefited from safe haven flow, given the collapse in Equities.
  • The EUR is mixed despite one of the most Hawkish meeting from the ECB yesterday.
  • Market participants are more concerned about faster recession risks as more ECB speakers join Lagarde for more 50bps hike going forward.
  • ECB Rehn said that it is likely that Rates will rise by 50bps in February and in March.
  • While Rate traders are pricing a 3.35% rate by September.
  • Looking ahead, US prelim PMIs are the notable releases as we head into year end.
  • ECB Centeno, Knot and Fed Daly are the remaining speakers.
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