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Today, trading activity is thin compared to Monday.
All of the FX major currencies seem reluctant to move in any direction with narrow and short-lived spikes making the best of the session so far.
Pound Lower on Poor Jobs Data
Despite Monday’s upbeat session, cable struggled to get past the multiweek high of 1.2380 registered only yesterday. Not only did bulls take a break but they also initiated a sizeable sell-off after receiving a rather disappointing jobs report.
That, however, marks a good setup as bulls rejected bears at the psychological $1.23. With that said, unemployment and wages in the UK grew. This means that the steep decline could only have been headline-based infused, rather than ending as a reversal.
EURUSD and USDJPY Unmoved
With the ECB meeting on Thursday, it is uncertain whether we will see Monday’s flows again before the crucial event. EURUSD had a good session yesterday. But, the rejection caused at the $1.1050 is likely to keep the currency pair in a...
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