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Currency Analyst since 2010

Nov. 21: MARKET REVIEW

Asian equities higher on Friday as the yesterday’s releases confirm US economic strength. The Philadelphia Federal Reserve Bank said its business activity index jumped to 40.8 from 20.7 in October, the highest since December 1993.

USD/JPY: corrected down to 117.35. The pair needs to overcome resistance at 118.00 in the short term to regain bullish momentum. Yen strengthened as Finance Minister Taro Aso warned that its recent weakening was “too rapid.” Prime Minister Shinzo Abe formally dissolved Japan’s Lower House in preparation for the Dec. 14 snap election. Abe will likely hold a press conference today.

EUR/USD: consolidates slightly above the 1.2500 mark. The ECB President Mario Draghi is scheduled to speak at 8:00 GMT. The German Bundesbank President Weidmann speaks later at 10:15 GMT.

GBP/USD: below resistance in the 1.5730/40 area. Britain will release public sector net borrowing data at 09:00 GMT.

AUD/USD: formed a doji candle on Thursday. Recovery capped at 0.8650. 

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