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It is one of those days as the market is keeping quieter considering that there isn’t much to work with from a fundamental perspective. In FX, the technicals are still holding up over the past three weeks so perhaps everyone is looking for a break for now.
We’ll get the BOC later today followed by the ECB and US CPI data tomorrow, so the market will be looking to that to hopefully provide a spark to move.
At least oil is breaking out as it climbs above $70 so that could lead to more meaningful upside in the weeks ahead for the commodity.
Other than that, Treasury yields are keeping more subdued but a lot rests on what the US CPI data has to offer tomorrow. There isn’t much else going on right now.
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