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Position adjustment be focused ahead of US Independence

USD index consolidated with the market focusing for position adjustment in ahead of tomorrow’s US Independence Day holiday with today early closing of US stock and fixed income market as well.

EUR rebounded slightly after Merkel compromising with her sister party to avoid split of 2 parties on migration issue. China stock market stabilize and POBC comments for stable YUAN administration will see some calm down for risk sentiment and driven some JPY cross short covering as well. May will seek here cabinet to support her Brexit issue as the market remain cautious.

GBP upside rallies might be very limited in short term despite technical oversold. RBA keep rate unchanged at 1.5% and statement similar with prior one driven some “sell on rumor, buy on fact” movement and supporting AUD rallies in Asian session.

Today UK Construction PMI, Eurozone PPI and Retail Sales, US ISM NY index, Factory Orders, Durable Goods Orders and ECB’s Praet speech as well as stock/bond market move will have some intraday impact.

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