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Weekly preview - Yellen dominates with China missing
Nervous consolidation is the most likely outcome for the week, especially with the Chinese elephant missing from the the global room due to a week-long holiday. Friday's payrolls data will help steady dollar nerves to some extent and Yellen is likely to play a cautious hand in crucial congressional testimony with very little to gain from being too hawkish or dovish at this point. With the ECB determined to prevent further Euro gains and many Euro shorts already washed out by last week's dollar plunge, the US currency is likely to find solid support on dips without regaining significant momentum. Look for a cautious ... (full story)