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The dollar is keeping steadier so far on the day as major currencies are holding narrower once again ahead of European morning trade.
EUR/USD rests in a 12 pips range with USD/JPY holding a 14 pips range so far today.
Talk about a summer lull indeed. More so that there is the Euros hangover too. Kudos to England for their win against Germany yesterday and also to Ukraine for that last gasp winner against Sweden.
Going back to markets, I still see limited downside for USD/JPY in general closer to 110.00 though we will see how the market reacts to the jobs report later this week.
In the bigger picture, it shouldn't distract from yen pairs edging higher on the back of higher yields and widening rate differentials but one can't simply ignore the charts.
The dollar itself continues to hold firmer but nothing that really threatens the boundaries set out immediately after the FOMC meeting two weeks ago. But the retrace of last week's losses does point to some resilience in the greenback in sticking with gains, though month-end and quarter-end may be clouding the picture as well for now.
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