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Long-awaited USD correction, dollar upward move seems exhausted

On Forex, US dollar hit new highs against major currencies today, but in the middle of European session, the momentum seems to have slowed down. Thus, the index designated local maximums in the region of 96.80 points.

On the FOREX, the main pair of the market is showing a pullback trying to return above the 1.1300 mark. The British pound is also adjusted, growing to the area of 1.2885.

Today’s news feed is somewhat constructive bringing back positive expectations, it seems that the compromise is reached to avoid another closure of the US government, and there is some optimism that the US and China will make a deal, even if not by March 1.

However Brexit remains in the spotlight. Theresa May will ask parliamentarians to postpone the vote on February 27 to conduct additional negotiations with the EU. At the end of last week, May managed to get agreement for a new meeting of negotiating groups to discuss controversial issues. At the same time, European officials still rejects the possibility of changing the previously agreed contract, suggesting the UK to continue the negotiation process during the transition period, which should last until 2021.

There are other messages today that say that May could offer to step down in the summer to help make a deal now and keep his rivals balanced. Yesterday's news of a 0.4% decline in GDP for December, with the fourth consecutive quarterly decline in investment, cast a shadow on the economic outlook of the UK.

Today In the economic calendar there are no relevant publications. US JOLTS report is hardly to shift the market, and Europe have no important data to offer. However, we will focus on the speech of FOMC head Powell.

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