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- Lower equities and US yields worked against the greenback throughout NY trading hours. Dollar indices reversed earlier gains, briefly turning negative on the day before stabilising ahead of tomorrow's US CPI figures.
- The Norwegian Krone tops the G10 pile on the back of firmer oil prices, rising 0.35% against the euro.
- The Swiss Franc is the notable underperformer, retreating 0.55% against the dollar with USDCHF briefly testing the August highs at 0.9242. Despite the broad dollar strength abating, the pair holds onto the majority of the day's gains.
- CHF positioning deteriorated according to latest CFTC data, erasing the market's net long amid further evidence that the SNB are intervening ahead of the September policy decision.
- Elsewhere, EURUSD breached short-term support at 1.1802 overnight, prompting some single currency weakness and fresh lows for September at 1.1770. The move reinforces short-term bearish conditions and initially opens 1.1758, a Fibonacci retracement and 1.1735, the Aug 27 low.
- Expect to hear from RBA's Lowe and Ellis overnight before UK employment data early on Tuesday.
- Market focus will be firmly on US CPI data, scheduled for 1330BST/0830ET.