The dollar rebounded in N.Y. trade on Wednesday, despite cooler PPI and retail sales data. The FX market appears to have begun to reassess the timing of the next Fed rate hike (we think June), as the U.S. labor market tightens, and as improved conditions in the manufacturing and services sectors become apparent. EUR-USD eased from 1.1326 highs after the early data, to a low of 1.1273. USD-JPY was a bit of an outlier, as risk-on conditions prevailed. The pairing touched five-day highs of 109.40, after finding support ahead of 109.00.
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