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In the Zone
- AUDJPY
- USDCHF
- USDCAD
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Today's News Headlines
- The approval ratings for Donald Trump are at the highest levels they have been since June, a timely boost ahead of the mid-term elections.
Market Recap
There was nothing on the economic calendar that was any cause for concern yesterday, the Chicago National Activity Index declined a little from last month but it did close above 0.00 which suggests an expansionary economy. Headlines have been the major market movers of late and yesterday was no different as news that the DUP was willing to back an amendment to make the EU’s Irish backstop illegal sent cable tumbling.
There is strong correlation between the EURUSD and sterling and the EURUSD moved below the 1.1460 swing area in the late morning session. The pair ran out of downward momentum and was range bound between 1.1450 and 1.1476. These levels will be the barometer for the bulls and bears this morning.
The USDJPY moved higher on the back of surging Chinese stocks and momentum took the pair to 112.87. Price found resistance at these levels as US stock started weakening which led the USDJPY to trade between 112.60 and 112.90, the trend line at 112.90 will be the key level for the bulls to try and break.
Important Economic Data Due Today
17:30 GBP BOE Carney Speaks
Consensus: None
Effect: More hawkish than expected is good for the GBP
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