Forex - Psychology/Strategy for major markets today

 19:08 (GMT) 11 Oct

  [Forex Strategy]

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

EUR/USD - Positive Brexit developments should be supportive, but JPY weakness on US/China trade deal expectations proving a drag. JPY weakness looks a little overdone though, so still see upside scope for EUR/USD.

USD/JPY - Break above 108 on positive expectations of US/China trade and momentum positive, so hard to oppose unless US/China deal disappoints, though higher US yields needed to justify gains beyond 109.

EUR/GBP, GBP/USD - GBP buoyed by hopes of a deal as EU starts serious negotiations and DUP indicate willingness to consider proposed solution. GBP upside still favoured short term as shorts unwound.

DJIA, S&P - Fresh highs could be eyed on confirmation of a partial trade deal, but with much already priced in, any bounce could quickly fade.

T-Bond - UST have 1.75% resistance ahead of back up towards 1.9% if partial deal confirmed. Fed reserves move may keep curve leaning steeper.

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