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Yesterday's post US PCE dollar sales.........>

DOLLAR
DOLLAR: Yesterday's post US PCE dollar sales pressured the DXY back under 98 to
close in NY at 97.85/90. Recovery efforts have so far remained shallow through
Asia, volumes remained light held to a narrow 11 pip range, last 97.80.
- Having peaked at 98.33 the DXY is looking to register its fourth consecutive
session of losses. Near-term support is seen at 97.54/39 from the 50%
retracement level of 96.74-98.33 & 21-dma, a break opens up trendline support
off the April lows & 50-dma at 96.98.
- Gold ticked higher through Asia with the recovery briefly trading above $1284.
The 50% retracement of $1310.67-1266.42 & Apr 16 high provide initial resistance
at $1288.54/80, a break opens the 100-dma at $1293.47.
- WTI & Brent hold in the middle of their respective 30 pip ranges.
- Month-end flow expected to dictate price action today with bank models
suggesting moderate to strong USD sales.
- US data today from the MNI Chicago PMI report & Pending Home Sales at
1345/1400GMT. The MNI Chicago PMI is expected to rebound to a reading of 59.7 in
April after a dip to 58.7 in March.

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