The USD rally continued in Asia; sparked in part by the San Francisco Fed’s report suggesting that markets are underpricing the pace at which the Fed mayhike rates once it begins. EURUSD fell to 1.2874, USDJPY rose to 106.25 andAUDUSD dropped to 0.9262. EURGBP fell slighly from its overnight high of0.8037 to 0.8009, limiting the fall in cable to 1.6074.
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