Yohay Elam, Forex crunch - Retail sales flopped on all fronts and this clearly hurt the US dollar even against the Aussie, which suffered its own weak data. However, the euro stands out with a fresh fall and we explained why. There are growing signs that the Fed will refrain from a hike in December, starting from the various FOMC comments to international pressure.

We also talked about GBP/AUD. This cross has corrected downwards after the clear uptrend. The fundamentals point to the upside in the long term, but in the near term things look more complicated. 


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