Greenback sits comfortably greater however takes its foot off the fuel pedal for now

The greenback continues to carry greater throughout the board however not likely pushing additional upside in European morning commerce. USD/JPY is up 1.5% to 153.95 with the sooner excessive touching 154.37. In the meantime, EUR/USD is seen down 1.5% to 1.0765 however properly off lows of 1.0702 when Trump was kind of a shoo-in to win the presidency earlier.

The chart is an intriguing one although. The most recent bounce from earlier this week was partially to do with narrowing odds between Trump and Harris within the lead as much as the election. However that has now largely fizzled off after which some, with a rejection considerably close to the 100-day shifting common (crimson line).

As value motion retains beneath 1.0800, sellers are again in management and can look to crack the October low of 1.0760 on the every day shut. That may present extra momentum to seek for additional draw back throughout the week.

Trump trades are nonetheless dominating the temper in broader markets and I would not count on that to vary within the subsequent day or so no less than. The important thing factor to look at now’s the management of the Home.

This text was written by Justin Low at www.ubaidahsan.com.



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