The Dollar was largely rangebound in N.Y. trade on Monday, though came under some selling pressure following a sharply lower Empire State index, and softer housing data. The DXY managed a 97.35 to 97.52 trading band. EUR-USD topped at 1.1247 after the data, later dipping to lows under 1.1220. USD-JPY ranged between 108.72 and 108.53, while USD-CAD hovered near 1.3400. Cable printed 5-month lows of 1.2554. We expect the Dollar to consolidate ahead of Wednesday’s FOMC announcement, where no rate changes are expected.
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