FX markets have been all about a USD squeeze. EURUSD popped up to 1.2662, AUDUSD rallied to 0.8814 and USDJPY dropped to 108.59 as markets trimmed positions in response to lower Treasury yields and ahead of the ECB today and US payrolls tomorrow. All EM Asia currencies are stronger except for the IDR. USDKRW fell to 1058.0, USDMYR dipped to 3.2543, USDPHP fell to 44.725 while USDIDR traded sideways at 12,158 (although NDF points continue to shift left across the curve).
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