From Marc to Market:
In a reversal of fortunes, the Japanese yen is the only G10 currency that is gaining on the dollar through the European morning. Yesterday, it was the only G10 currency to have weakened against the greenback. Still, the general tone in the foreign exchange market is one of consolidation. The notable exception is the Chinese yuan. The onshore yuan rose for the 10th consecutive session, its longest advance since 2010, and reached its best level since April 2023.
The North American session features the US weekly jobless claims and appearances of two Fed officials on business TV (Miran and Goolsbee), while Governor Bowman testifies to the Senate Banking Committee on Regulation. Canada reports its Q4 current account and Mexico sees its January unemployment ahead of the central bank’s inflation report this afternoon....
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