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FX Update: The dollar posted fresh lows.

FX Update: The dollar posted fresh lows versus the euro, sterling and yen, among other currencies. EUR-USD clocked a fresh 37-month at 1.2296, before correcting toward 1.2200. USD-JPY posted a four-month low of 110.52 . EUR-JPY and other yen crosses have been seeing relatively steady price action, with the Japanese currency remaining steady despite the global stock market rally, which today saw the MSCI Asia-Pacific index post a record high. USD-JPY's price action has been technically bearish, last week breaching and closing below its 200-day moving average. The pair has trend resistance at 111.15-17, and trend support at 110.29-30. Elsewhere, USD-CAD posted a fresh low, and AUD-USD a new trend high. The dollar has conspicuously failed to have been picked up despite decent fundament leads, including Friday's hotter than expected U.S. CPI data, and decent retail sales data, which were followed-up by relatively hawkish remarks from Fed member Rosengren, who said that he now favours more than three 25 bp rate hikes this year. See update

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Publication:The Fly
Date:Jan 15, 2018
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