We have seen dollar downside extending in Monday EU session, antipodes lead the G10, the euro is 0.4% higher on the day
The Cable FX Macro Dollar Index is now 1.2% lower on the month after posting two consecutive weeks of losses
Despite the spot downside trend, the options market diverges in view as dollar risk reversals favour upside. A Bloomberg measure of USD RR points at a 37 basis points in favour of calls
We have yet to see if this recent move lower tests or breaks the dollar January lows
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