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Weaker Dollar ahead of Fed later

FOREX
  • The Dollar has seen better selling in early European trade, but we trade well within past ranges, with attention turning towards the Fed later today.
  • The Greenback tested session low against the EUR, CHF, AUD, CNH, NOK, SEK, NZD.
  • The Kiwi remains the best performer against the USD up 0.32%, after New Zealand unemployment rate fell to the lowest level in 14 years.
  • There has been limited impact in Petro currencies so far today, after Oil gave back some gains.
  • We have OPEC meeting tomorrow, which could be interesting, given Biden's latest comment blaming the Cartel for inflationary pressures.
  • Looking ahead, on the data front will be on ISM services. Durable good is final reading, while US ADP has no real proven correlation with NFP and the NFP isn't an "all eyes" this week, with short term focus squarely on inflationary risk.
  • Most of the attention is on Fed Powell, other speakers include ECB Lagarde, Muller, Elderson, de Cos, Villeroy, abd BoE Bailey
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