The dollar was mostly lower in overnight dealings, though the euro stuck to familiar trading ranges, while the yen continued to rally on the back of largely risk off conditions. Oil prices recovered over $1/bbl from lows of $29.41, limiting damage to equity markets, and helping to support commodity currencies. The U.S. calendar will reveal the January ADP employment survey, which is expected to show a 190k increase in private payrolls, versus the prior month 257k. The January non-manufacturing ISM will be important and are forecast dipping to 55.1 from a revised 55.8 in December.
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