USD Trading Outlook (19-10-2012)
U.S. Dollar Trading (USD) the ‘risk on’ rally ran out of steam overnight with some mixed US data prompting traders to take profit. Consolidation of the recent gains could continue into the weekend but the EU summit is providing plenty of headline risk. Weekly Jobless Claims jumped to 388k vs. 339k previously. The October Philly Fed improved to 5.7 vs. 1.0 previously. Looking ahead, September Existing Home Sales forecast at 4.75mn vs. 4.82mn previously.
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