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Market sees some risk move in Chinese New Year Holiday


USD index continues to go lower as the trend continues and lead by the lower USDJPY and higher EURUSDJPY in 5th conservative low and hitting the 105.55 a year low earlier which haven’t seen since November 2016. As sentiment remains fragile with broad USD weakness and the effect of cross selling in YEN. The price action below 107.30-40 and still pointing to lower test of 105 handle.

Today in Chinese New Year holiday, most of the Asian countries being away with thin liquidity in the market seeing some risk for the exaggerated move.

EUR hitting the year high of 1.2555 earlier and still firm above 1.25 which hinting for more upside risk still with intraday support at 1.2500 and 1.2455 (NY low) and break 1.2455 as will see back to range bound consolidation.

GBP in choppy up action and over 1.41 earlier on catch up move with weak USD sentiment. Today UK retail sales data might have some impact for GBP and GBP cross.

Commodity currencies grids further higher in response to the weak USD and short term trend hints that it will remain following the USD direction. Today US Housing starts, building permits, Import/Export Price index and stock/bond market move will direct the intraday action.


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