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FX Update: The dollar has traded mostly softer

FX Update: The dollar has traded mostly softer following yesterday's volley of dovish Fed speakers which, along with the FOMC minutes from the December FOMC meeting, affirmed that the "Powell Put" is resonating with others on the team. EUR-USD punched out a three-month high at 1.1570 ahead of the London interbank open, since correcting back under 1.1550. The Dollar has also weakened against Sterling, Yen and other currencies, though had held up better against the Dollar bloc and other currencies with higher beta performance characteristics as global stock markets come under pressure. USD-JPY has dropped to a one-week low at 107.77, partly driven lower by Yen outperformance as most stock markets in Asia and U.S. equity index futures came under pressure. The risk-off turn is stemming in part from a lack of details from the U.S. and China statements following three days of trade talks, which weren't at a senior level, and which concluded yesterday. In the sentiment-forming mix have been a much bigger than expected 1.3% m/m contraction in French industrial production in November, and much weaker than expected inflation data out of China, where headline December CPI tumbled to just 0.9% y/y from 2.2% y/y in November. These data have fuelled narratives about flagging Eurozone growth and slowing demand in the trade-war afflicted Chinese economy. The partial government shutdown in the U.S. is also on the worry list.


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