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USD Remains Well Bid – TDS

FXStreet (Barcelona) - The Research Team at TD Securities view the USD on a stronger footing as it shows gains against most majors on the day but anticipate softer US Retail sales data to slow down the USD a bit.

Key Quotes

“Slightly better-than-expected Eurozone GDP numbers were not enough to prevent EURUSD from trading lower overall from yesterday's close and USDJPY has extended its ascent as speculation of a postponement of the Oct 2015 sales tax in Japan continues to mount.”

“At 116.49, USDJPY marked a fresh multi-year high after news reports indicating PM Abe will be making the decision on the tax hike after returning from a three-country trip on November 18th, once the preliminary Q3 GDP reading becomes available.”

“There is plenty of upside for USDJPY on the charts, we spot resistance at 117.70. Price action will remain choppy ahead of the GDP release on Sunday night our time, which are expected to be soft; however, the preliminary print is notorious for its later revisions.”

“Today’s US Retail Sales may take a bit of wind away from the USD’s sails if they come slightly softer than consensus as our US colleagues are expecting.”

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