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Trade of the week
USDCHF Retreats to August Level
The greenback is under renewed pressure as technical selling continues to push the pair towards the lows from last August. This Friday’s manufacturing data could add some intraday volatility while the Fed minutes may offer further insight into the central bank’s guidance for next year. Without a positive catalyst, the dollar is likely to stay depressed and test the support level of 0.9720. A dip below could send the price to 0.9660.
GBPNZD Backed by Transition Extension
The pound sterling bounced back in hopes that the upcoming trade negotiations between the UK and the EU could run well beyond its deadline of December 2020. The European Commission has stated that the Brexit transition period could be extended in order to reach a comprehensive deal. This would mean a hard Brexit might be off the agenda, thus helping the pound recover lost ground. The pair is hovering above the Octo...
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