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Market Wire Update:
After the late move to see the majors and buy the dollar on Friday we are looking to Asian markets to signal whether there is more to come, in the way of dollar index strength that gets things up and through the 80.00 area. Japanese GDP numbers hit the wires at 19:50 EDT, and they may be just what the markets require to finish what was started in late Friday trade. The dollar has pushed the major pairs to their 4 hour chart oversold momentum reads, with all of the majors showing a flat trend. That sets up a volatile period of trade to possibly come as fair value is found by Asian trade desks that missed the Friday moves.
The global market drivers are also starting to flat-line on their trends and momentum reads. and as such we need to be prepared to trade either side of the dollar. Aussie still looks bullish, but will require positive commodity market trade to follow through to the long side. Swissy is the pair that has the most ground to make up if the dollar gets bought in early trade this week.