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Holiday-Thinned Trade Puts GBP on Top

FOREX
  • Bank holidays across most of Europe and the UK have kept price action, news and volumes thin so far Monday, but what trade is left has propped up GBP, which outperforms all others headed into the NY crossover. GBP/USD trades back above the $1.3850 level and now eyes a close above the 50-dma for the first time since early March.
  • At the other end of the table, NOK & SEK trade poorly, but both currencies sit well inside recent ranges. USD/SEK eyes resistance at the 2021 highs of 8.7646, but a break above here would open the 8.7681 Fib retracement ahead of 8.9199.
  • Focus turns to final March US PMI data, ISM Services Index and the Factory Orders release for February. There are no central bank speakers of note.

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