EUR/USD May Become Scalping Target Ahead of ECB Decision.
The USD/JPY rallied following a robust US Manufacturing report but the pairs reaction to broader risk appetite was subdue compared to other risk sensitive pairs. Price action has begun to consolidate and could continue with major event risk ahead in the form of US Non-Farm payrolls. The labor report will have significant market moving potential, which should limit conviction before the release. Additionally, the low interest rate expectations for the dollar have begun to weigh on the reserve currency, weakening the influence of risk trends on the pair.
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