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Ahead of the German Dax cash trade we have a market that looks ready to start to sell the dollar; equity futures have based in the near-term with Asian markets finding buyers, U.S. and European futures contracts have moved off the lows of the session, oil is moving higher, back through 71.50, and gold is back above 930;
All of which points to a positive Wall Street start, and therefore a possible positive session for the major pairs.
The euro has turned bullish on the back of equity and oil price moves, cable awaits the Bank of England MPC rate meeting minutes at 04:30 EDT, and aussie is starting to come to life on the back of Asian commodity trade that moved the pair higher. Cad, swissy, and yen, the dollar based pairs, have been unable to move into the trade plan Entry areas as yet, but all are looking as though it is not if, but when they hit.
In the recent equity movement higher, (remembering that it is a relative move that does nothing more than regain some of the recently lost ground), Usd/Jpy has not been able to move too far, and as such has offered another signal that the dollar may have a session of selling ahead of it.
It all hinges on European markets trading stocks higher; if they do the dollar gets sold. If not, it is back to the dollar index swing point at 81.00 looking to stay in play for the week. The U.S. reports CPI at 08:30 EDT, we are likely to get market wide action from that release, and as always the Signal Team will be following up with trade ideas and market analysis.