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USD under pressure as risk recovers but markets question Fed hikes

FOREX

As risk sentiment rebounds, but doubts over the Fed's hiking cycle continue, the USD is generally on the back foot this morning.

  • EURUSD has moved to its highest level since Feb 15 with resistance at 1.0694 more convincingly cleared as we trade at 10.725 at writing (intraday high of 1.0737). Out technical analyst notes that this signals scope for a climb towards 1.0779 next, a Fibonacci retracement but warns that gains are considered corrective - for now.
  • AUDUSD and USDCAD have both seen moves of around one big figure since Friday's close.
  • USDJPY hit a low of 133.56 in overnight trading but is now around a big figure higher at 134.57 at writing.

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