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Session Recap: Dollar gains across the board

FXStreet (Córdoba) - USD strength has been the theme of the day, with the dollar underpinned by a victory by Republicans in the United States' midterm elections but also by BoJ’s Governor Kuroda comments.

BoJ Governor committed to do whatever he can to achieve the BoJ's 2% inflation target and noted that he sees no limit to the measures the central bank can take. USD/JPY broke above 114.00 and climbed to a fresh 7-year high of 114.73 in recent dealings. EUR/JPY reached a 7-month peak of 143.43.

Meanwhile, EUR and GBP were pressured by domestic data. EUR/USD dipped back below 1.2500 and printed a low of 1.2465 after soft Eurozone service PMIs. GBP/USD was also hurt by disappointing PMI data and touched a fresh 1-year low of 1.5868 before recovering a tad.

Commodity currencies are underperforming, weighed by lower commodity prices, with gold dropping over 2.0% on the day. AUD/USD hit a 4-year low of 0.8607 while USD/CAD reached its highest level in 5 years at 1.1465.

During the New York session, watch for ADP employment report, Markit and ISM services PMIs.

Main Headlines in Europe:

What’s the sentiment around EUR/USD today? – Commerzbank and Rabobank

EMU: Services PMI slightly down in October

UK: Services PMI falls to 56.2 in October

Oil price takes flight again

Weak UK Services PMI another reason for BoE rate hike delay - ING

United States MBA Mortgage Applications rose from previous -6.6% to -2.6% in October 31

Gold continues to fall

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