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Forex Today: Japanese Yen selling pauses, market attention shifts to PMI data
Here is what you need to know on Thursday, October 24: After suffering large losses against its major rivals on Wednesday, the Japanese Yen (JPY) stages a rebound early Thursday.
AUD/USD: Support at 0.6585 is likely out of reach for now - UOB Group
Strong momentum indicates further Australian Dollar (AUD) weakness; the significant support at 0.6585 is likely out of reach for now.
CEE: Closer to the election, more pressure on EM - ING
Once again the calendar has little to offer today except consumer confidence in the Czech Republic.
EUR/USD finds temporary support even though Eurozone economic activity contracts again
EUR/USD finds fresh buying interest near a three-month low of 1.0760 in Thursday's European session.
EUR: To trade in the 1.0765-1.0850 range short term - ING
With inflation in abeyance and business confidence low, this is fertile ground for the ECB doves, ING's Chris Turner notes.
AUD/JPY inches lower to near 101.00, downside risk seems restrained due to hawkish RBA
AUD/JPY breaks its three-day winning streak, trading around 101.20 during the European hours on Thursday.
GBP/USD: Can decline further to 1.2860- UOB Group
The Pound Sterling (GBP) could continue to weaken; oversold conditions suggest 1.2860 is likely out of reach for now.
USD: Dollar dodges Beige Book bullet - ING
The previous release of the Beige Book warned that nine of the Fed's 12 districts saw flat or declining activity and was thought to have prompted the 50bp Fed cut in September.
EUR/USD: EUR must break below 1.0740 to continue to decline - UOB Group
The Euro (EUR) is expected to trade in a range between 1.0760 and 1.0810.
AUD/USD recovers further from over two-month low, climbs above mid-0.6600s on softer USD
The AUD/USD pair builds on its steady intraday ascent through the first half of the European session on Thursday and recovers further from its lowest level since August 16, around the 0.6615-0.6610 region touched the previous day.
Mexican Peso reverses in technical bounce and revival of carry
The Mexican Peso (MXN) edges higher on Thursday following a reversal on Wednesday, in which it first fell to a one-month low against the US Dollar (USD) but then reversed - partly due to technical buying - and recovered by an average of about half a percent in its most heavily-traded pairs - the USD/MXN, EUR/MXN and GBP/MXN.
UK Preliminary Services PMI slips to 51.8 in October vs. 52.2 expected
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers' Index (PMI) eased to 50.3 in October from 51.5 in September.
USD/CAD Price Forecast: Bulls have the upper hand despite corrective slide, 1.3800 holds the key
The USD/CAD pair attracts some sellers on Thursday and moves away from its highest level since early August, around the 1.3860-1.3865 region touched in reaction to the Bank of Canada's (BoC) oversized rate cut the previous day.
EUR/GBP depreciates to near 0.8300, remains tepid after Eurozone PMI figures
EUR/GBP retraces its recent gains registered in the previous session, trading around 0.8320 during the European hours on Thursday.
Eurozone Preliminary Manufacturing PMI improves to 45.9 in October vs. 45.1 expected
The Eurozone manufacturing sector contraction eased while the services sector activity deterirated further in October, according to the data from the HCOB's latest Purchasing Managers Index (PMI) Survey published on Thursday.
S&P Global PMIs set to show US economic expansion extended into October
S&P Global will publish the preliminary estimates of the United States (US) Purchasing Managers Indexes (PMIs) for October on Thursday.
Pound Sterling consolidates ahead of flash UK PMI
The Pound Sterling (GBP) trades sideways against its major peers in Thursday's London session as investors await the preliminary United Kingdom (UK) S&P Global/CIPS Purchasing Managers Index (PMI) data for October, which will be published at 08:30 GMT.
USD/CAD Price Forecast: Rally pauses near 1.3850 for a while
The USD/CAD pair corrects slightly to near 1.3820 in Thursday's European session after posting a fresh 11-week high above 1.3850 on Wednesday.
German Preliminary Manufacturing PMI unexpectedly rises to 42.6 in October vs. 40.5 expected
The German manufacturing sector witnessed a tepid recovery in October while the services sector activity also rebounded, the preliminary business activity report published by the HCOB survey showed Thursday.
USD/CHF hovers around 0.8650 close to two-month highs, US PMI awaited
USD/CHF trades around 0.8660 during the early European session on Thursday, hovering around the two-month high of 0.8686, which was recorded on Wednesday.
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