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Dollar Drives Higher
The US dollar has started the week on a better footing following the heavy sales seen at the end of last week. Rising tensions between the US and Iran, in the wake of the weekend’s drone strike attacks on Saudi Oil sites, has seen equities prices coming off, fuelling safe-haven inflows for USD. USD index trades 97.87 last. Looking ahead this week, the key focus in on the September FOMC meeting, with opinions split as to whether the Fed will ease again.
EUR Reverses Lower
EURUSD has been a little softer today as a higher US dollar weighs on the rate. The market has recently seen strong buying in the wake of the ECB announcing fresh easing at its September meeting. The market seems skeptical as to the effectiveness of the new measures and for now, EURUSD remains above the 1.1025 level broken in the post ECB move.
GBPUSD has softened also, in light of the stronger US dollar. The backdrop remains broad...
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