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EUR bullish trend remains as cross profit taking go low

USD rebounding goes further overnight with a higher UST yield and the effect of stabilized US stock (DJI -0.08%, S&P -0.5%, Nasdaq -0.9%). Also US Senate reached a bipartisan deal that will likely averts a government shutdown which further supports USD in higher correction.

EUR lower overnight on EUR cross profit taking and technical with below 1.23. Some correction in short term expected to be seen but overall bullish trend remains unchanged on sound fundamental in eurozone with a taper expectation from ECB later of the year.

GBP lowers gradually while the Brexit negotiation uncertainty remains. And today a UK Super Thursday (BOE + QIR) will see some action for GBP and GBP cross as market expects BOE to keep the rate at 0.5% and asset purchase targeting at GBP435 Billion with vote 9-0. Quarterly inflation report will set the view from BOE on future inflation forecast and Carney’s speech afterward will also have some impact.

USDJPY higher with broad USD strength as well as on BOJ Kuroda continuously persisting the quantitative easing policy to be unchanged. And technical resistance remains at 110.00-20 region with the downside support at 109.00-20 for intraday.

RBNZ keeps the interest rate unchanged at 1.75% but a lower 1st Quarter growth forecast from 1.2% to 0.8% driven some selling on NZD although overall to be in orderly move.

Today US initial jobless claims, Fed’s Kashkari speech and stock/bond market move will still have some intraday impact.

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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.