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Busy Week Ahead of US Holiday – TD Securities

FXStreet (Barcelona) - The Analysts at TD Securities note that the USD is mixed today as a thin data calendar in Europe and a holiday in Japan have left the markets with little more to focus on than the stronger-than expected German IFO survey.

Key Quotes

“This week may turn out to be more interesting than one would expect for a US Thanksgiving week. A number of indicators (i.e., Eurozone inflation data, the second read of US, Germany, and UK Q3 GDP, as well as the Canadian and Swedish first Q3 prints) will add to the pick-up in flows triggered by month-end activity. “

“A highly anticipated OPEC meeting on Thursday will also garner markets’ attention and will be closely watched across FX for its potential impact on currencies more closely linked to crude oil prices, such as NOK and CAD.”

“In all, we expect EURUSD to remain well capped by resistance in the upper 1.25 area, with a break below 1.2360 signaling renewed downward momentum and a potential dip toward the bottom of the multi-month bear channel at 1.21. “

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