Retail FX Sentiment Favors U.S. Dollar Strength
- EURUSD – Euro Near-term Top in Place vs USD
- GBPUSD – British Pound Set to Reverse July Strength
- USDJPY – Japanese Yen Sentiment Weakens Further
- USDCHF – Swiss Franc Outlook Calls for Further Loses
- USDCAD – Canadian Dollar to Fall vs USD
- GBPJPY – British Pound Expected to Fall versus JPY
It remains to be seen if the EURUSD holds the July low at 1.2040/45, which we expect to break now that the European Central Bank has indicated that no new bond buying measures will be in place in the near-term; this in turn should give way to sharp declines by Italian and Spanish sovereign bonds, which will pressure the Euro across the board.
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--- Written by Christopher Vecchio, Currency Analyst for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.