In the daily currency technicals, the euro bounces to 1.2700, the Japanese yen nears 8-year trendline, the British pound gets a breather, and the Swiss franc digests losses.
Today’s US economic reports told us a lot about nothing. There were signs of weakness even in the stronger releases which explains why the dollar gave back some if its earlier gains against the euro.
As United States approaches its Congressional elections in November, political change is occurring in all of the G-3 currencies and its impact on foreign exchange trading may be far more powerful than the market appreciates. Here is a quick look at key players and possible political scenarios that may affect currency movements in the near future.
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