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USD underperforms against the majors

FOREX
  • USD has broadly been better offered, but crosses have mainly stayed within ranges, as investors focus on the European, UK PMI releases.
  • The data were mixed across countries, whilst we are still printing into expansion, some of the release saw numbers above survey, but down versus last.
  • The USD trades in the red against all majors, besides the Yen, on the back of underpinned Equity market, albeit off their best levels for the session.
  • GBP saw some offers hitting the currency, after the UK PMI service missed expectation, but downside for the British Pound have been limited, with the currency taking its cue from the better offered Dollar.
  • The EUR is mixed, down 0.62% against the NOK, and up 0.5% versus the Yen.
  • EURGBP tested 0.8593 100-dma, printed a 0.85936 high)
  • Above the latter opens to 0.8618 76.4% retracement of the Jul 20 - Aug 10 sell-off.
  • Looking ahead, US PMIs will be the main focus, ahead of the awaited Jackson Hole on Friday.
  • We have no speakers scheduled for today.
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