Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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The Reserve Bank of Australia (RBA) kept rates on hold at 4.1% during today’s Asia-Pacific session, as expected. The bank also left the door open to more hikes if necessary. However, the market reaction was a tad surprising, with the AUD seeing a chunky move lower despite no surprises from the bank.
The DXY remains stuck near the 105 psychological level as markets are eagerly awaiting tomorrow’s FOMC policy decision. On a positioning basis, the USD has been looking a bit stretched looking back over the last 52 weeks with institutional long positions looking a bit on the stretched side.
EUR remains on the backfoot after yesterday’s dovish ECB policy decision. The European Central Bank (ECB) raised interest rates yesterday, but also signaled that they have reached a “sufficiently restrictive” level of rates. This sent the EUR lower across the board.
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