More notable moves in the FX majors, where USD/JPY is now in touching distance or the Asia lows at 113.20. Wall Street marginally down on the day, but the key risk driver here is the Yellen speech in NY in around an hour/hour and a half, with the market pre-empting some moderation to the recent hawkish comments coming out of the Fed recently. Monday’s lows at 113.03 will also provide some near term support, but dealers note some stops through here. Elsewhere, it is quite a turnaround in AUD/USD, where early AUD sales against NZD pressured AUD/USD into the low .7500’s. Strong support contained the cross rate selling, and with this having passed through the market, the spot rate has now rebounded back to the highs seen in Asia to match the .7570 high print.
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