Ahead of FOMC, the market has recently cleared bullish USD risk on several crosses and the USD Index is now back on multi-month range lows. While our greater USD view remains bullish, we are patiently awaiting a signal (in the least a strong close above 81.40) to suggest a near-term base. The direction for the cross rates appears more clear with EUR/GBP still staying beneath range lows of May (targets to 0.8285/90 and potentially lower) and NZD/JPY gaining
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Barclays