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A hint of a USD correction was snuffed out into the close yesterday and markets are now focusing squarely on the US inflation data later today. After a disappointing close on Wall Street, US futures are looking to build support again.
With traders strongly positioned USD positive, the potential for a near-term “long squeeze” is growing. This could help to pull pairs such as EUR/USD and GBP/USD higher, whilst commodities and indices are also ticking higher.
A recent move towards a stronger USD had come as yields were rebounding. However, as yields have dropped away again, the USD is slipping back lower, supporting risk appetite.
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