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Monday, 08 November 2010 10:02

UFXBank Forex Outlook: NFP Supports Stronger Dollar

USD Dollar (USD) – The Dollar strengthened versus most of the major currencies after U.S. nonfarm payrolls rose more than expected last month (151K vs. 63K forecast) and caused big movements on the pairs. There were also declarations from Bernanke regarding inflation, in which it is expected to be kept low and stable, supported by a stronger Dollar. The NASDAQ and Dow Jones increased a by 0.06% and 0.08% respectively. Crude oil strengthened by 0.5%, closing at $86.91 a barrel, the highest price in two years. Gold (XAU) rose by 1.1%, closing at $1397.70 an ounce, a new historic record. Today, FOMC Member Bullard and Warsh will Speak.

Euro (EUR) – The Euro weakened versus the Dollar after Retail Sales dropped 0.2% in September (-0.2% vs. 0.3% forecast) and positive payrolls data which came from the US, supported a stronger Dollar. The EUR/USD has a strong upwards trend, and as long as the price is above the 10 moving average and shows a positive RSI, a long position is preferred. If the pair breaks below the 1.3980 level, the price could decrease to 1.3900. Overall, EUR/USD traded with a low of 1.4024 and with a high of 1.4230. Today, German Industrial Production is expected to decline from 1.70% to 0.40%.

EUR/USD – Last: 1.3944








British Pound (GBP) – The Pound declined from near a ten month high in Forex trading versus the Dollar as a government report showed U.S. employers added more jobs than forecast last month and declarations from Bernanke about lower inflation expectations, led investors to prefer the Dollar instead of the Pound. The momentum of the GBP/USD is absolutely bullish, and as long as the price is trading above 1.6100 levels and above the 10 moving average, a long position is preferred. Overall, GBP/USD traded with a low of 1.6166 and with a high of 1.6279. No economic data is expected today.

GBP/USD - Last: 1.6120








Japanese Yen (JPY) –The Yen was weak versus the Dollar after very good data from the US supported a stronger Dollar, drifting the Yen as well. The USD/JPY has been trading around 80.00-81.00 area. In the last few days, the main support line on the daily chart is still located at 80.00, and the momentum is still bearish as long it‘s trading below the 82.00 level. Overall, USD/JPY traded with a low of 80.62 and with a high of 81.46. No economic data is expected today.

USD/JPY-Last: 81.22







Canadian dollar (CAD) – The Canadian Dollar erased an earlier loss versus the US Dollar on Friday as a report was released showing the U.S. added more jobs than forecast in October. In addition, the Unemployment Rate came out better than forecast (7.9 vs. 8.0), and Building Permits came out at 15.3% vs. 3.0% forecast, both supporting a stronger Canadian currency. The support level of the USD/CAD on the daily chart is located at 0.9980, and if the USD/CAD breaks below this level, a short position is preferred and the momentum continues to be positive for the Canadian Dollar. Overall, USD/CAD traded with a low of 0.9991 and with a high of 1.0089. Today, Housing Starts are expected at 181K vs. 186K prior.

USD/CAD - Last: 1.0019










Published in Forex Articles
Friday, 05 November 2010 13:23

UFXBank Forex Outlook: GBP/USD Touches 10-Month High

USD Dollar (USD) – The Dollar fell sharply against the other major currencies in Forex trading after the Federal Reserve announced a fresh round of asset purchases to kick start a slow growing U.S. economy. Initial Unemployment Claims in U.S. increased more than forecast to 457,000 vs. 437K forecast succeeded to support a weaker Dollar. NASDAQ and Dow Jones strengthened by 1.46% and 1.96% respectively, crude oil jumped by 2.1%, closing at 86.5$ a barrel, Gold (XAU) accelerated by 3.4%, reached to a new historic record (above 1390$ during the session) , closing at 1383.1$ an ounce. Today, Nonfarm Payrolls is expected to be 45K vs. -95K prior, Unemployment Rate is expected to remain at 9.60%, Fed Chairman Bernanke Speaks.

Euro (EUR) – The Euro traded near a nine month high against the Dollar as speculation the global economic recovery is gaining traction damped demand for the US Dollar as a refuge. In addition, the interest rate remain unchanged at 1.0% . The EUR/USD has a strong upwards trend, as long the price is above the 10 moving average and shows a positive RSI a long position is preferred. Overall, EUR/USD traded with a low of 1.4102 and with a high of 1.4282. Today, Retail Sales are expected to become positive 0.10% vs. -0.40% prior, German Factory Orders are expected to decline from 3.40% to 0.50%.

EUR/USD – Last: 1.4194







British Pound (GBP) – The Pound was higher against the Dollar, touching a ten month record after the release of U.S. data on Initial Jobless Claims which drifting higher yielding assets, moreover, the interest rate remain unchanged at 0.5%. The momentum of the GBP/USD is absolutely bullish, as long the price is trading above 1.6100 level a long position is preferred. Overall, GBP/USD traded with a low of 1.6087 and with a high of 1.6299. Today, PPI Input is expected to rise from 0.70% to 0.90%.

GBP/USD - Last: 1.6258







Japanese Yen (JPY) –The Yen strengthened against the Dollar, following the Federal Reserve’s announcement of a second round of quantitative easing, also the Unemployment Claims data support a weaker Dollar during the session. moreover, the interest rate remain unchanged at 0.10%. The USD/JPY has been trading around 80.00-81.00 area in the last few days, the main support line on the daily chart is still located at 80.00, the momentum is still bearish as long it‘s trading below the 10 moving average and the 82.00 level. Overall, USD/JPY traded with a low of 80.58 and with a high of 81.22. No economic data expected today.

USD/JPY-Last: 80.82







Canadian dollar (CAD) – The Canadian Dollar continued to rise versus the Dollar as oil jumped and stocks increased, drifting the Canadian as well. Ivey PMI came out at 56.7 vs. 65.8 forecast. The support level of the USD/CAD on the daily chart is located at 1.0000, if the USD/CAD breakdown this level a short position is preferred and the momentum continues to be positive for the Canadian Dollar Overall, USD/CAD traded with a low of 1.0010 and with a high of 1.0097. Today, Employment Change is expected to rise from -6.6K to 10.0K, Unemployment Rate is expected to remain at 8.0%,Building Permits is expected at 3.40% vs. -9.20% prior.

USD/CAD - Last: 1.0030










Published in Forex Articles
Friday, 05 November 2010 10:11

European Stocks Mixed after US Jobs Report

Contributed By: DailyFx

Europe Session Key Developments

* IBEX 35 Experiences Largest Decline Among 5 Major Indexes
* German Dax Rallies to Two Year High

European Stocks Mix after US Jobs Report
European Markets closed mixed as the Stoxx 600 was on the verge of extending a six-month high, after U.S. payrolls climbed more than forecast, increasing optimism the overall economy will recover. Total payrolls advanced 151,000, exceeding the median estimate of economists surveyed by Bloomberg news and following a revised 41,000 drop the prior month that was smaller than initially estimated. The recent market rally has been facilitated by the US Federal Reserve’s decision to pursue further quantitative easing by purchasing 600 billion dollars in assets. The overall effect and the risks associated with this purchase are unknown, but as of now, investors seem to be speculating a positive outcome. However, many are weary that the Fed’s QE will not do as much as anticipated and the market has already priced in any effects. In corporate news, earnings across Europe seem to remain strong as the majority of large corporations seem to be beating estimates. At the end of the day, 5 of the 18 western European markets climbed.

FTSE 100 / 5,875.35 / +12.56 / +0.21%
The FTSE 100 fluctuated between gains and losses as 6 out of 10 sectors closed in the green. The benchmark gauge rose after better than expected US payrolls propelled the index to its highest level in more than 2 years. Vedanta Resources, Xstrata Plc and Antofagasta Plc all advanced more than one percent as copper reached a 28-month high after workers went on strike n Chile. Smith & Nephew Plc climbed 5.1 percent as the company announced third quarter profit that outpaced expectations. ARM Holdings Plc, a UK designer of semiconductors, increased 3.3 percent as CEO Warren East announced the tablet PC market could grow to as much as 60 million unit sales next year. Royal Bank of Scotland Group Plc fell 3.8 percent as the lender reported a smaller than expected net loss.

CAC 40 / 3,916.73 / -0.05 / -0.00%

The French benchmark gauge declined today, trimming its weekly advance to 1.9 percent. Alston SA fell 2.6 percent to 34.87 Euros after Societe Generale SA lowered its recommendation for the world’s largest power equipment maker to “sell” from “hold.” Etablissements Maurel & Prom SA advanced 1.3 percent as the company announced third quarter sales that outpaced expectations. Lafarge SA fell 2.2 percent after two straight days of gains. The company reported an 8 percent decline in third-quarter profit.

DAX / 6,754.20 / +19.51 / +0.29%
The German index slightly advanced at the end of the trading session on Friday. The benchmark gauge rallied to a two-year high after US payrolls beat forecasts in October, boosting optimism about the overall economy. HeidelbergCement AG advanced as Ludwig Merckle increased his stake in the world’s third-largest maker of cement and concrete. Pfeiffer Vacuum Tecyhnology AG advanced 3.5 percent as Goldman Sachs Group Inc. recommended buying the share. Singulus Technologies AG slumped after forecasting an operating loss. Deutsche Bank AG advanced 1.6 percent as CEO Josef Akermann announced that he sees enormous potential in the Chinese market.

IBEX 35 / 10,428.10 / -174.70 / -1.65%
The Madrid benchmark index experienced the largest loss among the 5 major benchmark indexes as 9 out of 10 sectors closed in the black. Banco Sabadell SA fell for a third day, losing 3.8 percent, as the company announced that shareholders holding more than 90 percent of Banco Guipuzoano SA have accepted its takeover bid. Grifols SA fell 2.6 percent after the largest maker of blood-plasma products in Euroope announced it would seek ways to expand in the US. Service Point Solutions SA declined 1.8 percent, the third decline this week alone. The company will finance acquisitions through share sales as it resumes takeovers after a two-year halt.

S&P/MIB / 21,816.10 / -256.94 / -1.16%
The Italian index closed the week in the red after yet another decline. A2A SpA dropped for a fourth day this week, losing 1.7 percent. Cheuvreux downgraded the stock to “outperform” from “selected list” as the third quarter based on a weaker outlook by the company. Banca Monte dei Paschi di Siena SpA declined 3.5 percent after Bank of America Merilll Lynch Global Research announced that Italian banks took a more conservative view on revenue evolution in light of moderate growth expectations for the overall economy. Fiat SpA advanced 1.6 percent, gaining for a third straight day after S&P assigned a prelimary BB+ rating with a negative outlook to Fiat Industrial, the unit that the CEO is spinning off.

Published in Forex News

Contributed By: DailyFx

The Japanese Yen is little changed after the Bank of Japan kept its benchmark overnight interest rate target between 0.0% and 0.1%, while maintaining its asset purchase program at $5 trillion Yen and its credit-loan program at 30 trillion Yen. The central bank also got into more specifics with regard to what type of exchange traded funds and real estate investment trusts it would buy with the funds.

Some market participants speculated that the BOJ would increase the size of its quantitative easing program from $5 trillion Yen after the central bank moved the date of the November meeting forward so that it would follow shortly after the Federal Reserve policy meeting. But as the Japanese currency did not advance meaningfully on the Fed action—it actually fell versus some of its rivals—there was little urgency for the BOJ to act after having done so just last month.

Traders will have to watch to see whether USD/JPY can hold recent lows near 80, just above the all-time lows of 79.75. If it can, there is a good chance the pair may finally be bottoming out. Otherwise, a break would simply be seen as a resumption of the downtrend that has plagued this pair for months now.

Traders may wish to focus on Yen crosses such as AUD/JPY, NZD/JPY, and CAD/JPY, for they have the potential to advance irrespective of what the U.S. Dollar does.


Published in Forex News

Contributed By: DailyFx


Gold Rally to Continue as Fed Stimulus Feeds Asset Prices

Fundamental Forecast for Gold: Bullish

* Gold Rockets to Record High as US Dollar Sinks Post-FOMC
* British Pound, Gold Prices Carve Out Strong Correlation

Gold prices head into the coming week perched at a new record high just below the $1400 figure, with continued gains promised ahead after the Federal Reserve announced it would top up the stimulus punchbowl with $600 billion in additional asset purchases.

Past experience leaves little hope that the Fed’s actions will stoke business spending directly, with companies still opting to sit on large piles of idle cash after the Fed’s previous, larger experiment in quantitative easing. However, the central bank is betting it can tackle the problem from the other end, boosting asset prices with cheaply available liquidity to make investors feel richer and encourage spending, which in turn will shake the corporate sector out of complacency.

Whether or not this “wealth effect” can meaningfully contribute to setting a foundation for long-term economic growth remains uncertain. Indeed, risky assets (stocks, commodities, high-yielding currencies) have rallied considerably since putting in a post-crisis bottom in early 2009 on the back of the Fed’s previous efforts and yet – as Ben Bernanke himself has pointed out – unemployment remains uncomfortably high and overall economic growth is still decidedly sluggish. It is this very uncertainty that promises assure that gold is a major beneficiary of the latest liquidity injection, pushing prices higher in the near term. To wit, investors still unsure whether to expect deflation if the Fed’s actions flounder or runway inflation if policymakers overshoot their target will likely continue to find gold an attractive store of value to guard against either scenario.

Published in Forex News

Contributed By: DailyFx


New Zealand Dollar Boasts Strong Yield Forecasts, Bullish Outlook

Fundamental Forecast for New Zealand Dollar: Neutral

* New Zealand Dollar rallies as employment surprises to the topside
* View our monthly New Zealand Dollar/US Dollar exchange rate forecast

The New Zealand Dollar surged against its US namesake amidst a similarly strong week for the US S&P 500 and broader ‘risk’, capitalizing on sharp declines in the US Dollar to trade at its highest in nearly two years. The US Federal Reserve sent the USD tumbling and stocks significantly higher as it enacted an aggressive second wave of Quantitative Easing in a highly-anticipated monetary policy decision. Implications for the US Dollar were almost-universally bearish, and a stronger-than-expected labor market report made the New Zealand Dollar the largest gainer among all G10 currency through the week’s close.

Impressive New Zealand employment data leaves fundamental momentum firmly in the NZD’s favor, and the NZDUSD looks likely to test the psychologically significant $0.8000 mark in the week ahead. A comparatively empty week of event risk out of both the US and New Zealand suggests that the NZDUSD will take its cues from the S&P and broader financial market ‘risk’. The US equity index recently hit its highest levels in over two years on an impressive post-FOMC rally, and there are few signs that the index will reverse course.

The correlation between the New Zealand Dollar and equity markets trades near record-highs, and increased focus on NZD yields suggests that this dynamic will remain intact through the foreseeable future. Overnight Index Swaps currently price in an impressive 90 basis points of Reserve Bank of New Zealand interest rate hikes through the coming 12 months. Said forecasts are nearly double those of any other G10 central bank, and it seems that the New Zealand Dollar will continue to enjoy widening interest rate differentials for some time through the future. Assuming relatively stable conditions in global financial markets, this should continue to support the New Zealand currency against the low-yielding US Dollar through the foreseeable future.

Published in Forex News

Contributed By: DailyFx

Australian Dollar at Greatest Risk of Risk Reversal, Curbed Rate

Fundamental Outlook for Australian Dollar: Bullish

* The RBA delivers a predictable surprise by lifting its benchmark to 4.25 percent
* AUDUSD breaks parity and trades technical barriers for momentum as a gauge for strength

With risk appetite climbing to new heights, it should be no surprise that the Australian dollar is pushing untold levels against many of its fundamentally hobbled counterparts. This past week, we saw the Australian dollar push well beyond parity against the severely battered US dollar on its way to closing out a seven consecutive session advance. And, to establish that this is not just an anti-greenback move, we have also seen significant strength from the Aussie against the Canadian dollar, Swiss franc, Japanese Yen, euro and British pound. That said, the currency may be growing too dependent on the progress of speculative interest and carry trends to sustain a consistent drive. At the first sign of profit-taking or dimmed optimism, the market could quickly pull back this mature trend.

As such, our first fundamental concern when analyzing the Australian dollar should be the bearing of the S&P 500 and US dollar. The equity index is one of the most consistent manifestations of sentiment; but the dollar has taken a special place on the risk spectrum thanks to the Fed’s efforts to pump speculative capital throughout the global system. However, to ensure that the commodity currency maintains its ties to these underlying catalysts, we should recognize that its place is at the top of the return totem. Just as the worst performer in this scale (the greenback) is prone to a sharp recovery as selling pressure backs off from an extreme, the Aussie dollar can quickly succumb to profit taking. Making the currency exceptionally prone to this shift is the focus on the consistency of monetary policy. The RBA decided to hike its benchmark lending rate last week; but the quarterly policy statement they released later would notable temper inflation forecasts as well as growth projections through 2011. This alone wouldn’t curb the central bank’s pace; but perhaps if data started to show a more detrimental course. In the days ahead we have employment change and consumer inflation expectations figures. Should either of these sow doubt, it would significantly amplify and waver in underlying risk trends.

Aside from the inflation and jobs figures, there is a range of other important indicators including lending figures, consumer confidence and business sentiment. The RBA’s Financial Stability Review could carry more weight than all of these if it were able to deliver a surprise – which is unlikely. In the end, one of the biggest non-risk drivers traders may face is the influence of the G20 meeting. Rather than alter optimism; this meeting could alter the course of FX coordination. That would be a good thing from a global economic perspective; but for an Aussie dollar taking advantage of favorable capital flows through this inequity, harmony could actually lead to declines. Given the depth of these policies; it would be extremely difficult to come to any meaningful agreement; but as the adage goes: where there is a will, there is a way.

Published in Forex News

Contributed By: DailyFx


Canadian Dollar To Hold Range As Growth, Interest Rate Outlook Falter

Fundamental Forecast for Canadian Dollar: Bearish

- Canadian Employment Misses Expectations

- USDCAD: Bears Eye Range Bottom Near Parity

- US Dollar Canadian Dollar Exchange Rate Forecast

The Canadian Dollar extended the rally from the end of October, with the USD/CAD falling back below parity, and the exchange rate may continue to push lower over the following week as it maintains the downward trending channel carried over from the previous year. However, as the USD/CAD approaches the lower bounds of its range, there could be a short-term reversal following the sharp decline over the last two-weeks, and the dollar-loonie may trade within wide range going into the end of the year as price action holds above the 78.6% Fibonacci retracement from the 2007 low to the 2009 high around 0.9900-20.

With the economic docket expected to reinforce a weakened outlook for the Canadian economy, a batch of dismal data could spark a reversal in the exchange rate as investors weigh the prospects for future policy. Housing starts in Canada is forecasted to weaken to an annualized pace of 182.0K in October from 186.4K in the previous month, which would be the slowest pace of growth since December, while the trade deficit is projected to widen to CAD 1.6B in September from CAD 1.3B as the rebound in global trade tapers off. As the Bank of Canada embraces for a tepid recovery, with Governor Mark Carney holding a cautious outlook for the region, the slower pace of economic expansion could lead the central bank to maintain a wait-and-see approach in December as the prospects for future growth remains clouded with uncertainties. According to Credit Suisse overnight index swaps, investor are pricing only a 4% chance for a 25bp rate hike on December 7, and interest rate expectations could deteriorate in the weeks ahead as the central bank adopts a highly dovish tone for monetary policy.

If a USD/CAD reversal unfolds over the following week, the exchange rate should work its way back towards the top of its range, but price action may be confined by the 200-Day SMA at 1.0323 as the pair failed to close above the moving average in October. As a result, the dollar-loonie may trade within a 300 pip range throughout November as the central bank adopts a dovish tone, and interest rate expectations could play an increased role in driving future price action for the dollar-loonie as the BoC pledges to “carefully consider” any further tightening in monetary policy. At the same time, with the G20 Summit kicking off in South Korea next week, comments from global policy makers could spark increased volatility in the currency market, but we expect BoC Governor Carney to maintain a cautious outlook for Canada as he expects the economy to operate below full capacity until the end of 2012.

Published in Forex News

Contributed By: DailyFx


British Pound Looks to Quarterly Inflation Report to Dictate Price Action

Fundamental Forecast for British Pound: Bullish

* British Pound Rally To Gather Pace As BoE Maintains Currency Policy

The British pound rallied for the second consecutive week against the U.S. dollar on the back of weakness in the world’s largest economy and continued growth in the U.K. This week will be critical for the British pound as concerns of elevated consumer prices linger. Thus, the Bank of England’s quarterly inflation report on Wednesday will provide some light for GBP traders ahead of the highly anticipated Bank of England minutes, which will be released the week following.

The spotlight will shift from the FOMC rate decision to the quarterly inflation report which is expected to take into account the massive spending cuts of approximately 800 billion pounds announced by the government approximately two weeks ago in order to battle its high budget debt. Last quarter, policy makers said that growth remained weighted to the downside, and went onto note that consumer prices were above the central bank’s 2 percent target due to temporary factors from oil prices and the value added tax (VAT) measures. It is also worth noting that the BoE said that the forthcoming increase in the standard rate of VAT to 20.0 percent from its current level of 17.5 percent will add to inflation throughout 2011. Similar concerns of the VAT will likely be highlighted on Wednesday, but whether the central bank changes its tone with regards to growth will be one of the main focuses amongst market participants. Indeed, economic activity topped economists’ expectations in the third quarter, while Bloomberg News reported that the S&P credit rating agency said the U.K. does not face the risk of a downgrade as pressure eases on the Bank of England to add further stimulus measures. It seems that the Bank of England also feel as if they can weather the storm in the near term as policy makers refrained from adding onto their asset purchases last week. All in all, the quarterly inflation may provide clues ahead of the Bank of England Minutes. Not to overlook, industrial and manufacturing production, and the NIESR GDP estimate are all on tap.

Strength in the British pound cannot solely be attributed to growth in the U.K. The Fed recently announced new asset purchases of 600 billion dollars in order to stimulate growth as the economy continues to face major hurdles. As a result, the greenback has come under pressure against most major currencies. Meanwhile, the employment rate is at 9.6 percent, and will likely push higher, while households face slow wage growth and tight credit conditions. Despite the upbeat Nonfarm payrolls report, it is worth noting that America will need to add 232,400 jobs a month to return to the pre-depression labor force levels (which is very unlikely). Thus, the question that now arises in the global markets is if the recent actions by the Fed will boost growth, or will there be QE3 announced in the future. Many analysts and economists expect the latter, and countries are concerned that impact of the Fed’s action will undermine their own economies. However,during the short term, the U.S. dollar looks poised to continue its southern journey against most major currencies.

Taking a look a look at the GBPUSD, the pair has halted its three day decline; however downside risks are capped by 1.600. Going forward, I will look to buy any dips as my bias remains to the upside. The MACD continues to point to further advancements in the pair, while the parabolic SAR has yet to reverse course. At the same time, our speculative sentiment index stands at -1.26, and signals for additional gains.

Published in Forex News

Contributed By: DailyFx


Japanese Yen Shows Signs of Faltering, Will BoJ Surprise?

Fundamental Forecast for Japanese Yen: Bearish

* BoJ leaves rates unchanged, increases scope of asset purchases
* Labor Cash Earnings in September Rose 0.9% beating expectations of 0.5%

The Japanese yen had it first losing week against the greenback in the last seven but failed to break from its prevailing long-term bullish trend. A stronger than expected U.S. Non-farm payroll report helped the dollar find a bid, as the 151,000 jobs generated more than doubled estimates of 60,000. The Fed’s announcement of a $600 billion asset purchase program sunk the dollar mid week, but markets were expecting the telegraphed move and most of its implications were already priced in the market. Thus, if we continue to see strong fundamentals from the world’s largest economy markets may start to price in the potential for a rise in U.S. inflation and future tightening which could be supportive for the reserve currency. Indeed, we have already seen Overnight index swaps go from giving a zero percent chance of a rate hike in January to 9.5% as the focus shifts to the next move for the FOMC. Meanwhile, risk appetite derived from QE2 and the labor report saw the Asian currency lose ground to the other major currencies and has several on the verge of a trend shifts.

Japanese policy makers didn’t follow their U.S. counterpart’s lead and add to their own quantitative easing efforts. The central bank held their target rate at 0.0% to 0.10%, while expanding the scope of the asset that will be bought with their existing $62 billion program to include real estate investment trusts. Although the move helped buoy Japanese equity markets it had little impact on yen valuation. It could be a matter of time before the monetary authority has to amplify their efforts as Yen strength continues to be a burden or Japanese exporters and is placing downward pressure on prices. Additionally, we can’t rule out a second round of intervention as current conditions could allow for a more meaningful impact than their initial efforts.

The upcoming economic calendar is expected to bring more bad news for the Japanese economy with consumer confidence, machine orders and producer prices all weaker from the month prior. We don’t expected any of the release to market moving as risk trends and dollar sentiment will continue to be the main drivers. Overall markets may quiet following the extreme volatility y that was seen this week and an overall light docket, which could provide the environment for a constructive move from the USD/JPY as the pair closed above its 20-Day SMA at 81.23 fro the first time since September 22nd, making a bullish case for the pair.

Published in Forex News
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