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Session Recap: USD retraces NFP-induced gains

FXStreet (Córdoba) - US dollar trades lower versus major competitors Monday as it corrects after Friday’s rally, although it remains within familiar ranges.

In the absence of first-tier economic data during the European morning session, majors have been confined to narrow ranges with euro and aussie as the best performers and pound lagging.

EUR/USD has risen more than 50 pips throughout the day, moving away from a fresh cycle low of 1.2500 score Friday on the back of solid US nonfarm payrolls while AUD/USD has recovered nearly 100 pips from 4-year lows. USD/JPY slid back to the 109.30 area after failing to regain the 110.00 level last week. Meanwhile, Cable bounced off the 1.5950 zone, but it was capped ahead of the major 1.6000 level.

The New York session is barely empty data-wise, with the RBA and BoJ rates decisions as the next risk events taking place during Tuesday Asian session. FOMC minutes Wednesday will take center stage this week while the Bank of England will decide on monetary policy Thursday.

Main Headlines in Europe:

Germany: Factory Orders dip 1.3% in August

USD keeps the solid track – Danske Bank

BoJ's Kuroda: Export volumes still subdued

This week's EUR/USD target will be 1.2350

European Monetary Union Sentix Investor Confidence registered at -13.7, below expectations (-11.5) in October

Gold reaches 1180 support area

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