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Forex Recap & Ranges: Dollar Consolidates, Eyes Payroll Data

Posted by Akhilesh Ganti on Dec 5, 2013 10:56:00 PM

The US Dollar was mixed -vs- the majors in very quiet trade as the market awaits the release of the US Non-Farm Payroll report a bit later on today. The steady selling of the greenback during yesterday's US session, inspite of the better than expected GDP figures, was a bit perplexing and leads one to conclude that there is more than a bit of trepidation about the payroll data and the possible implications that this might have for the FOMC when they release their monetary policy statement on December 18. The majority of market pundits are not expecting the tapering process to be announced at this meeting, with most anticipating a decision sometime in Q1-2014. A weaker number than the expected +180k would most probably support this view and the dollar sell-off should continue whereas a sizable surprise to the upside would bring the prospects of a December taper to the fore and should see the dollar stage a rebound.

Ranges:{WWM's New ALPHA Trader-4hour charts [EUR,GBP,AUD,YEN,GOLD,OIL,WallStreet]}(click to enlarge)
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