Evening forex report
The USD consolidated in London morning trading, see if this continues into NY with Fed Chairman Bernanke expected to stick to yesterday’s testimony, the Q&A session may draw out something new though. Given his propensity to stick to the ‘cut rates as needed’ mantra, even though he injects a few cautionary words on inflation now and then, the market is unlikely to take a positive USD outlook here… The GDP data is old news and will have to really come out sharply different from expectations to move the markets, not that likely. On the charts the USD is on a back foot and looks ready to fall further pretty much across the board, with the focus shifting to next weeks payrolls. A soft number would send the USD into a deeper tailspin, and while the USD is looking way too cheap now and should be drawing out bottom fishers, the trend breakout in the AUD, NZD, CHF and EUR is tough to argue against, another 3% to 5% of losses ahead ?
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