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Notwithstanding the flat US retail sales, we caution for
potential technical retracement over the next few sessions which should
see tentative USD strength. USD vs. some AXJs could rebound and we look
for 1s USDKRW NDF to head towards 1120, USDTWD towards 31.70, USDSGD
towards 1.3550, USDMYR towards 4.05. We are also looking for AUD to head
towards 0.7490 – a buying opportunity. It is no coincidence that the FOMC
Minutes are due this week and could be an excuse to unwind..
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