•
USD mixed with little to determine trading
trends
– GBP
weakens on dovish Bank of England inflation report
– Commodity
currencies generally stronger, led by NZD as manufacturing PMI rises
– AUD dips
after RBA Deputy Gov. threatens intervention
•
USD well underpinned both fundamentally and
technically
– Fundamentals:
monetary policy divergence continues vs JPY, GBP and EUR
– Technicals:
DXY index recently broke above the 30-year trend line, signaling perhaps
the beginning of a long-term uptrend
– Only
positioning is worrisome, as speculators have record net long USD positions
•
Today:
– Eurozone: Final
German CPI, French CPI for October
– US: JOLTS
survey expected to show small decline in the number of job openings.
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