Video: EURUSD, USDJPY Breakouts Unlikely to Form Trends
• Neither of these enticing moves is likely to generate follow through though due to heavy event risk
• The British Pound may be able to leverage UK GDP, but the pair chosen is important
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Both equities and the Dollar put in for another drive this past session, but how much momentum can these trends muster? The S&P 500 has recovered more than 70 percent of its nearly 10 percent correction and the Greenback is less than 100 points from retaking its four-year high. Yet, the same fundamental drivers that are most capable of projecting these trends are facing heavy event risk and uncertainty of favorable outcomes. In fact, risk trends, the Dollar, Euro and Yen are all deer in the economic docket's headlights - possibly finding themselves unable or unwilling to move until next week. One possibly unencumbered currency through the final session though may be the British Pound with today's UK 3Q GDP release. We discuss what to watch and what to expect in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.