Todays Forex Update :-
US Dollar Gains as Risk Appetite Retreats Ahead of Q3 Earnings Season :-
The US Dollar traded higher against other top currencies in overnight trading as stock markets declined in Asia with traders cautious ahead of a week of third-quarter earnings reports from top global companies. More of the same is likely in European hours with little of note on the economic calendar.
The Euro fell as much as -0.4% and the British Pound followed, testing as low as 1.5811 to the US Dollar. The greenback added as much as 0.3% on average against six of its top counterparts as stocks slipped across most Asian exchanges with traders treading carefully ahead of the first full week of third-quarter earnings reports.
USD/JPY – A strong bullish reversal day on Friday has been met with some good positive follow through thus far on Monday, with gains so far extending back above the 20-Day SMA. Nevertheless, the overriding structure remains quite bearish and any rallies should be used as opportunities to build on exiting short positions. Ultimately, we favor a drop to retest critical support by 87.15 at a minimum. STRATEGY: STAND ASIDE FOR NOW; LOOK TO SELL
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