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Market Snapshot – A Dull End to a Drab Week

Colin First
EUR/USD The market turned bullish in the yesterday’s session by breaking above the important 1.17 level. This level has been the neckline of head and shoulder pattern and now it is broken above this region, this will effectively send this market higher towards the 1.21 level. Buy on dips will be the right strategy for … Continue reading EUR/USD, AUD/USD, GBP/USD and USD/JPY Daily Outlook – November 15, 2017

Drab End to the Week

Not much has been happening in the markets so far today and in fact, for much of this week as well. The markets have been generally choppy with a lack of direction and with a bank holiday in the US today, we should see a further reduction in the liquidity and the volatility as well. This is likely to lead to some slow and low trading and the traders might even be happy that this week is at an end as the long term traders and investors have not had much of an opportunity so far as far as trading is concerned. The moves have been slow and far between and at the end of the week, most of the pair seem to be at the same place where they started off the week.

Corporate Tax Cuts Delayed by a Year

The only major point of interest this week has been the tax reform bill and its implementation which has now been delayed for a year for the corporates. This has led to disappointment among them as they now lose the opportunities to save some tax this year. This led to a reversal of the move higher in the stock markets and we saw the US stock indices close lower for the day, though the move lower has not been as violent as we would have expected it to be. This ensures that the uptrend in the stock indices continue to be intact which makes the traders look forward to the coming week with the hope of better volatility.

This article was originally posted on FX Empire

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