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Currency Analyst since 2010

Oct. 24: Asian session

USD weakened versus most major peers as signs that US growth was hampered by a partial government shutdown fueled speculation the Fed will push back the timing of monetary stimulus reductions. Today America will publish trade balance figures, flash manufacturing PMI, new home sales and job openings data (consult economic calendar at www.fxbazooka.com).

EUR/USD found support at $1.3740 yesterday and rose back to the levels in the $1.3790 area today. Watch flash European PMIs released at 07-08:00 GMT. Today is the first day of the EU economic summit. GBP/USD returned to $1.6200 after it tested $1.6119 yesterday. Britain will release CBI industrial order expectations at 10:00 GMT. USD/JPY lost about 70 pips yesterday. Today the greenback’s trying to recover from the 200-day MA in the 97.30 area. USD/CHF is trading on the downside approaching 0.8900.

AUD/USD is trading around $0.9650 after it found support just above $0.9600. Aussie strengthened after a HSBC report signaled manufacturing growth in China (50.9 vs. 50.5 expected). NZD/USD is trading on the upside, but below resistance at $0.8445. New Zealand’s trade deficit came less than expected.

USD/CAD is little changed today in the 1.0380 area after it gained about 100 pips yesterday. Canadian dollar lost the most since June after the Bank of Canada dropped language about the need for future interest-rate increases that has been in place for more than a year, citing greater slack in the economy.

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