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FX trade was relatively quiet in N.Y. trade on Wednesday, leaving the dollar flat to higher overall, though inside of narrow trading ranges. A nearly in-line ADP jobs report, a better than expected productivity revision, along with a factory orders miss, that was largely offset by upward back revisions, all combined to keep the dollar supported overall. Equities posted decent gains, making back roughly half of Tuesday's sharp losses while Treasury yields were range bound. EUR-USD ranged between 1.1250 and 1.1222, as USD-JPY plied a 119.95 to 120.35 band.
The dollar gained against most currencies today, most notably logging a six-year high versus the Aussie. Stock market sentiment improved but still remained wobbly. Japan's Nikkei closed 0.4% for the worse, and China's Shanghai Composite finished with a fractional 0.2% decline, though the tech-heavy Shenzhen Composite fared worse, ending 2% in the red. The pan-Europe STOXX 600 gave up early AM gains and was showing a 0.2% decline in early PM session.
The dollar has traded firmer, logging a new six-year low below 0.7000 against the Aussie, and firming against euro and yen. Stock market sentiment improved, though Japan's Nikkei still closed 0.4% for the worse, and China's Shanghai Composite was volatile, rebound from a 4.7% intraday loss to a 0.3% before settling lower again, showing about a 1% net decline in late session. There were reports of official purchases in Chinese markets ahead of a military parade in Beijing tomorrow. EUR-USD dipped back below its 200-day moving average at 1.1288, logging a low at 1.1250.
The dollar was relatively steady through the N.Y. session on Tuesday, though ultimately lost some ground to most major currencies. China, and indeed globally soft PMI's took Asian equities lower overnight, which quickly spilled over the European bourses and Wall Street. Sharp losses there impacted the dollar negatively, and weighed on oil prices in particular. Major U.S. indices were down in the 2.5% to 2.7% area at the time of this writing, which kept Treasury yields under wraps. U.S.
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