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Risk On lead FX

FOREX
  • Story of the European morning session, has been the Risk On tone driving the USD lower across the board.
  • Although the Dollar still holds small gains vs the Yen.
  • The JPY has been under pressure again, led by Risk.
  • Most notable moves has been in the Pound, following the Employment data beat on the Govie open.
  • Cable has gained over 1.2% and heading towards 1.2500, with next resistance seen at 1.2512 High May 9.
  • GBPJPY is up 1.53%, and next upside target is seen at 162.01, the 50% short term retrace of the April/May fall.
  • EURGBP is clear through the 0.8415 50-day EMA, and test below 0.8400.
  • Best performer against the USD, is the NOK, helped by the Risk On tone and higher Oil.
  • Immediate support in USDNOK is at 9.6117.
  • Looking ahead, US Retail Sales and IP are the notable Data.
  • Speakers include, ECB Lagarde, Centeno, BoE Cunliffe, Fed Powell, Bullard, Harker, Kashkari, Mester and Evans.
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