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USD Rally Moderates Amid Subpar Volumes

  • Markets easing the USD off yesterday's best levels across the Asia-Pac session as well as through the European morning, with EUR/USD just below the overnight high and GBP/USD mirroring the move.
  • Futures volumes are well below average for this time of day, making for a quiet Friday start and suggesting participation remains low: GBP futures see volumes 13% below average for this time of day, JPY 24% below, EUR 15% below.
  • Profit-taking on yesterday's greenback rally puts the USD as the poorest performer in G10, with JPY and CHF printing shallow gains as the equity rally moderates.
  • Unusually for the first Friday of the month, there is no Nonfarm Payrolls release today (3rd March is too close to the end of the survey period), keeping focus on the ISM Services Index later today after the market-moving manufacturing release this week.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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