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Major markets have looked to rebound once more following a risk negative/USD positive bias through yesterday’s session. These rallies are likely to turn into consolidation as a crucial announcement from the FOMC is due later.
As OPEC+ has surprised markets with a significant cut to oil production, the move is having a key impact on markets important to MENA traders.
A surprise in CPI today could be the trigger that sees markets break out of recent ranges across major asset classes. The DXY index remains stuck, with EURJPY being a key chart to watch at the moment.
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