US election the focus as risk remains under pressure

<p>The US election is now upon us and the market seems to have the view that the result is too close to call with fears […]</p>

The US election is now upon us and the market seems to have the view that the result is too close to call with fears of another Bush/Gore scenario keeping the market on edge as legal challenges and a repeat of the August 2011 haggling in congress are a real threat especially as the Fiscal cliff is debated and like the European sovereign crisis the market will not take kindly to further stalling.

In Europe we see the release of the UK PMI services data today as the Greeks vote on further austerity measures which is expected not to be quite an event with no doubt more social unrest. In the US we see the non-manufacturing ISM release but with the soft close to US equity markets on Friday despite a robust jobs reports the risk sentiment remains fragile at best.

 


EUR/USD

Supports 1.2770-1.2740-1.2675 | Resistance 1.2850-1.2880-1.2960


USD/JPY

Supports 80.15-79.90-79.60 | Resistance 80.65-80.85-81.20


GBP/USD

Supports 1.5970-1.5920-1.5875 | Resistance 1.6040-1.6080-1.6185

 

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