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A huge reversal in the Japanese Nikkei, from an initial 100 point (1%) move higher, to a 200 point (2%) afternoon slide, has sent oil and gold prices lower, and by default moved the Usd further into overbought territory. S&P futures have held Friday's lows at 968, something that may be pivotal to watch the reaction to if that area gives way as European markets open.

Cable (Gbp/Usd) is the only major pair to trade anywhere near to the previous session high or low, and has moved lower to test bids at 1.6100. Outside of the pound the majors are at least 0.5% away from breaking new ground that would instigate a revaluation from the market. That will only happen if a dramatic increase in market-wide participation is seen.

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