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  • The US Dollar Index is roaring higher, lead by sharp declines in AUD/USD and EUR/USD $USD $DXY https://t.co/Ll2DBRKEMo
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.04% Gold: -2.20% Silver: -3.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/nk9eEDzXhv
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.13%, while traders in GBP/JPY are at opposite extremes with 67.63%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5dXf6fqsQz
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.41% Germany 30: 0.36% FTSE 100: 0.34% US 500: -0.05% Wall Street: -1.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/fFsUz2EvOi
  • The US Dollar is continuing to strength today. The $DXY has risen above the 90.80 level to its highest point since last Wednesday. $USD https://t.co/OFWBlH3loM
  • quite the reversal in commod currencies over the past two days. $USDCAD from falling wedge support to resistance. this tl held a number of inflections earlier this month, now being tested through https://t.co/O2zqFkYz9Y https://t.co/Rljf0c6JE3
  • $USDCHF rose to trading above the 0.9100 level for the first time since November. $USD $CHF https://t.co/afJSa3Ap5h
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.86%, while traders in GBP/JPY are at opposite extremes with 67.99%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/7CenEe3hcL
  • Hey traders! Wrap up your week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/9Sfqv1U0TJ
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -2.02% Gold: -2.70% Silver: -4.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pOc7rwbN4x
Dollar Awaits G20; JPY-crosses Reigned in on Fears

Dollar Awaits G20; JPY-crosses Reigned in on Fears

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- DXY Index reached a critical juncture yesterday before profit taking ensued.

- G20 meeting may be stoking fears that "undervalued" currencies may be addressed; JPY is front and center.

- Keep an eye on short-term positioning shifts as traders turn against the US Dollar with the DailyFX Speculative Sentiment Index.

G20 foreign ministers are meeting in Bonn, Gerrmany, against a backdrop of growing geopolitical tensions and policy uncertainty surrounding one of its most important members, the United States. In effect, this is a 'dry-run' to see how the new Trump administration handles itself on the world's stage, ahead of the annual G20 summit meeting in July.

Yet as world leaders meet, the spectre of the dramatic shift in US policy clearly casts a long shadow over FX markets. For the past several weeks, US President Trump and several members of his administation have commented on how the US Dollar is overvalued relative to other currencies, with some even pointing to the Euro, the Japanese Yen, and the Chinese Yuan directly as the main antagonists in the market.

In the meanwhile, as the DXY Index goes through a moment of profit taking after yesterday's January CPI and Advance Retail Sales reports were the catalysts to seeing the greenback return to its highest level in four-weeks, it's important to stay focused on the US Dollar's fundamental underpinning: US yields and Fed rate expectations. This time last week, markets were pricing in less than a 30% chance of a rate hike come March; now, odds are north of 40%. As long as short-end US yields stay elevated and markets look to data for hints of a hike next month, the greenback's pullback may be limited.

Webinar Schedule for Week of February 12 to 17, 2017

Monday, 7:30 EST/12:30 GMT: FX Week Ahead: Strategy for Major Event Risk

Wednesday, 6:00 EST/11:00 GMT: Trading Q&A

Thursday, 7:30 EST/12:30 GMT: Central Bank Weekly

Read more: Led by EUR/USD & USD/JPY, DXY May Have Bottomed

--- Written by Christopher Vecchio, Senior Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher's e-mail distribution list, please fill out this form

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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