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FX Majors: Cycles, Volumes, Correlations, Levels for Nov 5
As markets open for the US mid-term elections week (due Nov 6th), participants must contend with both renewed optimism surrounding a potential Brexit deal and the preparations in case a surprise outcome, other than a split Congress, eventuates. Heading into Monday, our prop risk sentiment model (hourly charts) communicates the market continues structurally in what I describe as text-book ‘risk on’ mode owed to the most recent active up-cycle in equities, along with a clear up-cycle in US yields and a newly validated down-cycle in the DXY. From an order flow standpoint, on the back of the positive US NFP figures, ... (full story)
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