Yesterdays News and Events:
The Dollar was under pressure after the monthly Philadelphia Fed report on business activity releases late last week. It showed the first negative reading in more than three years. It also brought expectations that the Federal Reserve may start cutting rates next year or before. Last two policy meetings the Fed held rates at 5.25%. Last Friday, Eurusd tried to extend week??™s gains but was overtaken by profit taking from 1.2831 through 1.2800. UsdJpy ended last week at 116.60, not far from two-week low 116.08. EurJpy traded in a less volatile market around 149. Gbpusd is still heading high on growing expectations of a November UK rate rise to 5%. With recent emerging markets tensions, Chf is again seen as safe-haven by investors. Favored Chf, Eurchf went down to 1.5790 minus 1% from weekly high 1.5970. Usdchf, in the same tone, went down 1.2320 from last week 1.2625 high minus 2.4%.
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