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USD Lower on Data Weakness
The US dollar has come back under pressure over the last 24 hours as further data weakness has weighed on sentiment. The ISM Non-Manufacturing reading was weaker than expected over November at 53.9 vs 54.5 expected, though at least remained in expansionary territory. The ADP employment change reading was also weaker than expected. Data came in at 67k jobs vs 137k expected, raising the risk of a weak reading in Friday’s NFP release. USD index trades 97.47 last.
EURUSD Higher on USD Weakness
EURUSD has been higher over the European session so far on Thursday as weakness in the USD allows for recovery in the single currency. In light of recent data weakness and comments from ECB’s Lagarde (who said the ECB remains committed to achieving its 2% inflation target), the outlook remains bearish for EURUSD. Currently trading 1.1091 last, and approaching the bearish trend line from mid-2018 highs.
GBP Breaking Out
GBPUSD continues to forge higher ground today after br...
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