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A subdued start to the day offers little in terms of trading sentiment, with the risk mood also rather muted for the time being.

Any bets in the dollar (and also yen pairs particularly) is pretty much one on the bond market at the moment and with yields holding up above 1.30%, there's still an argument for the greenback to hold its ground for now.

EUR/USD managed to keep a defense of 1.1700 for now but I still expect downside pressure to hold as long as price action keeps below 1.1750-55.

Elsewhere, oil managed to shrug off the White House call for OPEC+ to increase output yesterday - as it should - as the rebound looks set to continue. That said, I wouldn't be surprised if gains stall at $70 in the short-term but with the double-bottom pattern providing validation for buyers, gains could pick up despite delta variant concerns.

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