Dollar has taken a hit – Morning outlook 31st October

As expected and priced in the FOMC cut the US base rate another 0.25%. They did say that they see this as a rate that will be held for some time which again is aligned to market expectations. The US GDP figures come out well above expectations again suggesting that the economy,y is holding up. Te dollar is being sold though. We could see the likes of the Euro push further technically, it may be a case of waiting for these technical levels to be hit prior to taking long positions on the dollar.

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