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Weekly FX Chartbook: Dovish Fed and ECB bets picking up
US dollar extended its bearish momentum but is now looking oversold. EUR bearish trend may however have room for a catch-up as ECB pricing is slipping dovish and EUR crosses against JPY, CHF, AUD, NZD could have room to adjust. Focus turns to RBA meeting this week where a hawkish hold could propel AUD further, and US jobs reports that could further weigh on USD. chart Gold outperformed last week by a huge margin as Treasury yields slipped. Other rate-sensitive FX such as JPY and CHF also gained strongly along with NZD after RBNZ's hawkish hold standing in wide contrast to increasingly dovish bets for Fed and ECB.