USD Trading Outlook (13-07-2012)
U.S. Dollar Trading (USD) heavy selling was seen overnight on the back of the worsening EU debt crisis and weak Australian Jobs data. US stocks have fallen for 7 days now and we are reaching some extremely oversold levels so are on the lookout for a short squeeze or relief rally. Chinese GDP may be the catalyst with the world’s largest economy slowing as expected to 7.6% but not as sharp as some feared with rumors of 7% doing the rounds in Asia before the release. Looking ahead, July UoM Consumer Confidence released.
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