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FOREX
FOREX: USD strong across the board ahead of tomorrow's FOMC
- The broadly stronger USD was the overriding theme through NY. Usd/Jpy
initially weighed by hawkish Amamiya remarks that didn't rule out adjusting
rates before hitting 2%, recovered off pullback lows of Y106.09 at the NY
crossover. Rate squeezed to Y106.60 before profit take sales eased.
- Marginally weaker UK CPI was largely priced in and witnessed minimal react.
However, USD demand in early NY pressured through $1.40 to $1.3983, before 61.8%
$1.3913-1.4088 support cushioned. Eur/Gbp has now closed lower (Ldn close) for
10 consecutive days for the first time in the history of the euro.
- The release of soft German ZEW Expectations was countered by a stronger
headline number to hold $1.2315/20. USD demand pressured into NY, the break of
reported bids through $1.2250 extended slippage to $1.2246.
- Commodity based currency pairs continued to suffer. NZD touched NZ$0.7180
(NZ$0.7184 200-dma) with stops reported through NZ$0.7170-50. Fresh supply from
momentum type accounts on the break of $0.77 saw the AUD's downward trend
continue in sympathy with the NZD to $0.7679.  

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