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USD Stages Fightback on Mid-Month Demand

FOREX

After starting the session at the bottom of the pile, with greenback looked to finish higher against all others in G10 as mid-month demand and an element of catch-up with Treasury yields drove the USD. EUR/USD looked on course to cement a break and close above the 1.2157 50-dma, but momentum faded in early NY hours, prompting an intraday reversal and a print of new weekly lows.

USD strength was notable in GBP/USD for much of the day, but fix-related buying ahead of the 1600GMT WMR cut helped reverse the trend, sparing the pair from any protracted decline.

JPY traded poorly, responding to further all time highs in US equity markets. This puts USD/JPY on course to cement the fourth consecutive session of gains and show above both near-term resistance at the Feb 5 highs as well as the 200-dma.

Global inflation metrics take focus Wednesday, with various CPI/PPI numbers due from the US, UK, Canada and South Africa. US retail sales also cross, expected to show a near 1% rise across January.

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