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Market Wire Update:
A sideways crawl has been witnessed in the global market, ahead of a packed economic calendar that includes Australian Trade Balance at 21:30 EDT on Wednesday, and then the run into Bank of England and ECB rate decisions. The U.S. employment situation will be poured over on Thursday and Friday, and in between there are multiple lower tier releases to absorb.
By the time this week is finished there will have been thirty red flag releases to have hit the wires, and next week has another twenty to absorb. The attention may come away from equity and commodity trade a little, and start to focus on regional interest rate and growth forecasts.
The major pairs have been able to hold higher against the Usd because of the global equity market moves into the green. All are in a short-dollar mode, and all are overbought against the Usd. The question is whether global stock markets can hold higher.