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The N.Y. trading session ran out of steam early on Wednesday, with many participants heading to the exits ahead of Thursday's Thanksgiving holiday. Despite the deluge of U.S. data, the dollar remained inside of narrow ranges, albeit at firmer levels. EUR-USD touched fresh seven-month lows of 1.0566 at mid-morning, before rallying back over 1.0600, with pre-holiday short covering the driver. USD-JPY managed steady but modest gains through the morning, opening at 122.65 before peaking at 122.93. USD-CAD remained over the 1.33 level, topping at 1.3339 as oil prices faded from Tuesday's highs.
The dollar rebounded, led by a sharp EUR-USD dive to a new seven-year low at 1.0579. EUR-JPY also lost a big figure during the move, even though USD-JPY lifted from a nine-month low at 122.26 to the mid-to-upper 122s as the dollar outperformed. AUD-USD dropped back under 0.7260 after earlier logging a one-month peak at 0.7282.
The dollar has continued to trade softly, with EUR-USD carving out a new high for the week at 1.0677 and USD-JPY posting a nine-day low at 122.26. The greenback is also showing about 0.25% declines versus the Aussie and Kiwi dollars, and has lost ground to most Asian currencies, too. The dollar is underperforming this week as markets look beyond a likely December rate hike to a likely gradual and cautious policy path thereafter -- dubbed in markets as the 'dovish December rate hike' view -- and because markets had built up an extreme net long dollar exposure.
FX trade was jittery following the Turkish downing of a Russian military jet, though dollar ranges were relatively narrow overall. Trade and GDP data were USD-positive, but there was little reaction in the bigger picture. EUR-USD ranged between 1.0629 and 1.0673 through the session, while USD-JPY maintained a softer footing, while holding the 20-day moving average at 122.35. USD-CAD slipped under 1.3300 as the geopolitical mid-east backdrop took oil prices over $43/bbl. Cable meanwhile, posted two-week lows of 1.5054, within reach of the multi month base of 1.5028 made on November 6.
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