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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/1zuPdKUmyE
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  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:https://t.co/H1vmag8d1k https://t.co/PW5pCw9dKR
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:https://t.co/zxRWoNR4lS https://t.co/bXTx0TSRmU
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  • Gold hasn’t been very active the past few sessions, but that could change next week and provide a stronger trading bias. Get your weekly gold technical forecast from @PaulRobinsonFX here: https://t.co/HaEe3i4Sug https://t.co/LsARS2mnFI
  • Market uncertainty sees GBP pairs break out of their ranges. Get your weekly GBP forecast from @HathornSabin here: https://t.co/IRO7a6Jv8J https://t.co/4LxWz7sOVF
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.01% 🇪🇺EUR: 0.01% 🇨🇦CAD: -0.03% 🇬🇧GBP: -0.16% 🇦🇺AUD: -0.21% 🇯🇵JPY: -0.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/AXKeEsin95
Video: Beware Dollar and 'Risk' Trades Ahead of Fed Rate Decision

Video: Beware Dollar and 'Risk' Trades Ahead of Fed Rate Decision

John Kicklighter, Chief Strategist

Talking Points:

• We are heading into the final countdown to Wednesday's FOMC rate decision

• Technical breaks from the likes of EURUSD and the S&P 500 look tempting, but will struggle heading into the meet

• UK GDP and Chinese data is top fodder for Tuesday, and may highlight opportunities for Pound based crosses

See the DailyFX Analysts' 4Q forecasts for the Dollar, Euro, Pound and Gold on the DailyFX Trading Guides page.

The impressive breakouts from the Dollar and global equities this past week lost considerable momentum through Monday trade. This week is laden with high-level event risk and at the center of it all, we have Wednesday's FOMC rate decision. While many market participants have a notion of how it will play out - a hold on policy and a softer tone on future policy ambitions - it would be a tremendous risk to try and front run such an outcome. The IMF was one of many global policy groups that warned the eventual change in the US central bank's policy stance will generate considerable volatility for the financial system. Few will want to trade against that risk. With Dollar and risk-oriented exposure reserved for only the most fearless/reckless, we will need to look elsewhere for setups longer than daily swing trades. The Pound may be a good option depending on how the UK GDP figure prints. We look at the exposure to avoid and pursue in today's Trading Video.

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