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  • Goldman Sachs sees the Turkish Central Bank cutting rates by 100bps over next three central bank meetings
  • Cable has undergone a nice rally as of late, with it having risen over four figures off the September low.Get your $GBPUSD market update from @PaulRobinsonFX here:https://t.co/jdNzvlgecz https://t.co/kF4pZgwiOz
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.35% 🇨🇭CHF: 0.10% 🇪🇺EUR: -0.04% 🇬🇧GBP: -0.04% 🇦🇺AUD: -0.18% 🇳🇿NZD: -0.29% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/SSMahbp5s0
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  • Yen Pullback Begins: EUR/JPY, GBP/JPY, AUD/JPY, CAD/JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/10/21/Yen-pullback-begins-EUR-JPY-EURJPY-GBP-JPY-GBPJPY-AUD-JPY-AUDJPY-CAD-JPY-CADJPY.html https://t.co/iZpZvFopiF
  • The oil price breakout has extended into the first level of lateral resistance- risk for some ‘back and fill’ here but the outlook remains constructive. Get your market update from @MBForex here:https://t.co/jdNzvkYCNZ https://t.co/OlqgYQLcxK
  • Tesla opened lower as afterhours trade yesterday suggested we would, but after the gap down, we've had a strong rally this morning. I wonder if the Robinhood-type crowd trades before/after hours or if that is the traditional segment https://t.co/tFVllKbBKb
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Gold: -0.02% Silver: -0.40% Oil - US Crude: -1.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ek6GdiGhQ3
  • The Turkish Central Bank cut its weekly repo rate to 16%, marking a 200bps cut vs expectations for a 50-100bps reduction. Get your market update from @JMcQueenFX here: https://t.co/Gz3yZYqZdn https://t.co/C1PgJsCoGp
  • 🇺🇸 CB Leading Index MoM (SEP) Actual: 0.2% Expected: 0.4% Previous: 0.8% https://www.dailyfx.com/economic-calendar#2021-10-21
The Weekly Volume Report: Trends To Resume?

The Weekly Volume Report: Trends To Resume?

Kristian Kerr, Sr. Currency Strategist

Talking Points

  • EUR/USD recovery lacking volume
  • USD/JPY advances with little turnover

Get real time FXCM volume on your charts for free. Click HERE

Daily Volume Chart: EUR/USD

The Weekly Volume Report: Trends To Resume?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD remains in consolidation mode below 1.1500
  • Declining volume during the recent rise suggests the advance is likely only corrective
  • A lack of momentum in daily OBV also favors an eventual downside resolution
  • A close above 1.1535 on above average volume will turn attention higher

Daily Volume Chart: USD/JPY

The Weekly Volume Report: Trends To Resume?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • USD/JPY has come under steady downside pressure over the past week
  • The lack of volume during the recent push higher raises concerns that consolidation is not yet finished
  • The persistent decline in daily OBV over past few weeks is also a warning sign that a deeper decline may be unfolding
  • A close under 116.35 on above average volume would turn us negative on the exchange rate

Daily Volume Chart: GBP/USD

The Weekly Volume Report: Trends To Resume?

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD traded at its highest level in almost two months earlier this week
  • The lack of volume during the recent advance does suggest the recovery is likely only corrective
  • A weakening daily OBV also suggests recent action is only corrective
  • A daily close above 1.5500 on above average volume would turn us positive on Cable

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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