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Aussie dollar on one knee with Yen in demand

The market, by all accounts, seems to have turned more outright bearish on the EUR. It has returned to being bullish on the JPY after BoJ intervention reduced interests in the last few weeks. The yen is twinned with the dollar as the go-to reserve currency of choice. However, US deficit negotiations may pressure the dollar next week, briefly diverting market attention away from the Euro sovereign debt crisis.

The Aussie dollar breached its short term objective of parity, and currently sits just above, as it consolidates its intra-week loss from 1.03 and change. The high yielding currency continues to under-perform its sister growth currencies, hindered by gold performance.

Below are some other highlights of the week:


ASIA

 

Other links:
Week in FX: Europe Nov. 13-18 [1]
US Data Starting Its Own Trend? [2]
ECB or the EUR to crack? [3]

 

WEEK AHEAD

  • USD starts their shortened trading week with existing home sales
  • MPC minutes and inflation expectation come from GBP, NZD and USD
  • Another quite week for CAD with only Retail Sales
  • Growth and durable goods are reported from GBP and USD
  • CNY delivers flash manufacturing PMI
  • Germany dominates the business climate reports

 

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Dean Popplewell

Dean Popplewell [8]

Vice-President of Market Analysis at MarketPulse [9]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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