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USD index rebound seen as a bearish trend correction

USD lower slightly in Asian session despite the holiday in Japan and Canada today. The fragile stock market recently driven weak risk-sentiment as it remains the key dominating factor in major currencies move. Today no US data and expect more steady move with focusing on Wednesday US CPI data and retail sales. The Chinese New Year going to start this coming Friday and it will limit the liquidity in Asian session as well. Basically USD index rebound is mostly seen as correction for the overall bearish trend and any topside will be good for investors unloading USD long position in current circumstances. USDJPY capping 110 still a downside risk for 107.30-40 and further going low if a break on current risk-off sentiment continues.

GBP remains in choppy move with 1.3650-1.400 region as Brexit news, BOE policy stance and UK data will still the major moving factors. But UK Brexit speech from May and team member will still have some impact as well as this week’s BOE member speech. EUR remains to be in base building with strong support zone around 1.21-1.22 region and topside resistance around 1.2500-50 in near term.

Commodities currencies retraction and downside still in supportive despite the recovery on broad USD last week and overall still depends for broad USD action.

Today expect a more trend continuation and stock/bond market move will still have some intraday impact.

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