The markets may be forming a bottom as equities along with the majors have bounced back after seeing more selling pressure during the London and early NY sessions. Were looking for a confirmation and possibly an entry for a corrective short dollar and yen positions. Economic data during the US trading session will be Durable Goods Orders and New Home Sales, which we will pay close attention to as any negative surprises could cause the market to once again head lower. Also on deck for Thursday is the UK CBI Realized Sales expecting a surprise to the upside for a bullish pound. A correction at this time will be welcome before geopolitical risk between N. and S. Koreas escalates, causing another possible run for dollars.
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