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Talking Points:

• The Dow, Yen Crosses and EURUSD all bounced to end the week

• Yet, behind this restive move, there seems little of the short-term speculative bid of past months

• A breakdown of the status quo puts risk trends on alert while big data awaits the Pound and Euro

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Many of the financial market's high profile movers of the past week put in for a corrective move to end the week. The Dow equity index held critical support at the last moment, EURJPY recovered from a tentative breakdown and EURUSD put in for the biggest single-day rally in seven weeks. Yet, conviction seems to be changing. Rather than doubt showing through immediately in retracements of the five-year strong speculative drive, we now find the return to status quo shaded by skepticism. This raises the risk of a serious break in sentiment and true bearish progress next week. Meanwhile, rate/monetary policy themes will facilitate volatility for the Dollar, Euro and Pound. Data from the UK and Eurozone is particularly intense. We talk these themes and trading in the Weekend Trading Video.

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