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Volumes Edging Higher as USD Buying Picks Up Through NY Crossover

FOREX
  • Further pressure on the major pairs at the NY crossover, with a notable uptick in volumes notable across currency futures as the US comes to market.
  • EUR futures volumes now sit ahead of average for this time of day after a lacklustre Monday trading day - making for renewed interest in last week's EUR/USD lows at 1.0912. Weakness through here opens the lowest levels since July 7th.
  • Risk-off remains the primary driver, with the weakness in bank stocks on both sides of the pond triggering haven flow into both the USD and JPY - while markets also keep an eye on Thursday's US CPI release.
  • Appearances from Harker and Barkin take immediate focus - appearing in 20 and 35 minutes respectively - both directly addressing the US economic outlook.

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