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Market to be in cautious on Theresa May Brexit meeting

USD index going higher further in the week on higher UST yield but further short coverings ahead of FOMC a minutes away despite of DJI at -1.01% overnight. USDJPY leading the move with break 107.30-40 which triggers some stop and Nikkei in +0.21% also helping risk sentiment in Asian session. Exporter remains offering on top around 107.80-00 region for more fiscal year end action.

EUR in defense mood ahead of FOMC a minutes away. And today the Eurozone/Germany, US PMI data will also have some impact as the short term base building remains and overall bullish trend remains unchanged for 1.2555 retest and beyond.

GBP in choppy range consolidation around 1.3920-1.4030 region despite the Brexit news. And this weekend Theresa May offsite Brexit meeting will still adding more cautious in the market. The UK job data will also have some intraday impact.

Commodity currencies slightly lower upon reacting with the USD strength. And near term still more likely in tight range consolidation pattern. Overall, FOMC minutes away might hints for solid economy recovery with rather steady inflation and pointing for 3 hikes for the year and if any surprises will be adding more choppy move afterwards, otherwise some “Buy rumor, Sell fact” model will be repeated.

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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.