Forex - Psychology/Strategy for major markets today


 17:30 (GMT) 13 Jul

  [Forex Strategy]

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Psychology/Strategy for major markets today (0101-CBZX-C01)

EUR/USD - Short covering ahead of the weekend as 1.1600 proved out of reach but is likely to be back in the crosshairs next week.  1.1750/1.1800 still likely a tough area to work through.

USD/JPY - Ran out of steam ahead of 113.00 but the dip limited.  Japan is closed Monday but if risk appetite holds up the YTD high at 113.38 is next target.

EUR/GBP, GBP/USD - GBP resilience noted but politics still a big threat to GBP longs.

DJIA, S&P - Heavy earnings calendar ahead. Expectations will be tough to beat. Resistance at 25120 and 2814.

T-Bond - Lack of response to upbeat Monetary Policy Report suggests Powell's testimony will have to be very hawkish to upset the market. Ahead of that we expect a more subdued retail sales release on Monday.


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