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Market Wire Update:
Asian Banks Impact Currency Trade
Global equity markets moved lower in Asian and early European trade, and in doing so forced commodity markets lower, and the dollar index higher. The major pairs got off to an explosive start during the Asian session with the euro crashing lower, at the same time as the dollar gave back the same amount of euro gains in yen losses, that were tempered by slight losses on aussie, and hardly any movement on cable and cad.
The Bank of Japan announced that interest rates would stay on hold, and maintained an outlook of three more years of deflationary pressure. The announcement added to the overnight volatility, and left most near-term charts looking incredibly volatile ahead of a huge week of red flag releases. The 4 hour mometum reads are swinging towards long-Usd plays.
Dollar Index. The 4 hour trend is long, as the global markets re-connect the dots and start to buy the Usd in-line with the selling of stocks and commodities. The 4 hour chart trends are revealing that the global markets are favoring the short side of risk, and the long side of the dollar. The near-term price action on the dollar index components are really very ugly, and are not for those with a weak constitution. Ahead of a big week of U.S. macroeconomics, the jostling for position is already underway, and the dollar is winning overnight.
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