• As the US session begins, the USD is the strongest and EUR the weakest. With USD/JPY at resistance, could the greenback ease back from here or stage a more meaningful rally to close the week?
  • The dollar has been on the rebound ever since a Fed spokesman last night came out to issue a statement that NY Fed President John Williams did not intend to suggest that the FOMC would be making a large interest rate cut at the FOMC’s upcoming meeting this month.
  • Earlier, Mr Williams had sent the dollar lower after delivering a rather dovish speech.
  • US stock index futures were holding near yesterday’s highs; silver was up for the fifth day; gold was in consolidation mode after breaking to a new 2019 high, and oil was coming off its highs after finding support on renewed tensions in the Middle East on the back of news that the US shot down an Iranian drone in Strait of Hormuz.
  • FOMC members Bullard (16:05 BST) and Rosengren (21:30) will be speaking later on today.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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