North Korea's underground nuclear test has generally effected the markets to a lesser degree than one would think, but let's reserve judgment until the volume returns tonight.
Todd Gordon would expect to see EURUSD below 1.2550, and USDCHF above 1.2650, before the NY open, or else we need to be cautious with the opinion the dollar is breaking out to the topside.
A disappointing NFP saw the dollar sell off very quickly before the greater forces at work stepped in putting a monster bid into the dollar, and breaking EUR/USD free from the summer range.
The dollar breakout proved to be a nasty head fake in the course of what could be several before the true dollar trend emerges for the remainder of 2006.
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