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USD/JPY outlook: Pulls back from new multi-decade top on suspected intervention
USD/JPY USDJPY cracked psychological 160 barrier and hit new multi-decade high early Monday, with subsequent sharp pullback to 155.00 zone on suspected intervention. Fresh weakness cracked pivotal 155 support area (Friday’s low / 10DMA / Fibo 38.2% of 146.448/160.19) but so far without sustained bre
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EUR/USD: Bears to remain in control from $1.07?
Europe’s shared currency wrapped up the week off best levels, eking out a marginal gain of +0.3% versus the US dollar. Higher timeframes suggest further underperformance Things are not looking too cheerful for the euro, both from a technical and fundamental perspective. Scope to continue pressing so
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Norway Retail Sales Rise 0.3%
Norway's retail sales increased for the second straight month in March, preliminary data from Statistics Norway showed on Friday. The volume of retail sales rose a seasonally adjusted 0.3 percent month-on-month in March, following a 0.2 percent gain in the previous month. Retail sales of cultural an
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Pound sterling holds gains ahead of US core PCE Inflation
The Pound Sterling remains upbeat against the US Dollar ahead of the US core PCE Price Index data. Weak US Q1 GDP data has kept the US Dollar on the back foot. The UK service sector’s upbeat outlook has increased fears of persistent inflation. The Pound Sterling (GBP) clings to gains near 1.2500 aga
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Focus on April PMIs today
In focus today In the euro area, focus today will be on the euro area PMIs for April. The previous months' PMIs have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction. We expect that service PMIs will remain above
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Elliott Wave Theory Suggests EURJPY Remains Bullish
Short term Elliott Wave view in EURJPY suggests that rally to 165.35 ended wave 3. Wave 4 pullback unfolded as a double three Elliott Wave structure. Down from wave 3, wave ((w)) ended at 162.59 and wave ((x)) ended at 165.17. Down from there, wave (w) ended at 163.85 and wave (x) ended at 164.69. W
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Fed's Mester: More information needed before confirming 2% inflation sustainability
Federal Reserve Bank of Cleveland President Loretta Mester spoke on "An update from the Federal Reserve” on Wednesday. Mester said that inflation is higher than expected and the US Fed needs more confidence in trajectory. Key quotes “More information needed before confirming 2% inflation sustainabil
Pull-up Update