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The US dollar returns to its dominant role and makes gains across the board. This comes as the price of oil seems to have completed its correction and as we get closer to  the big events of the week: the ECB and the NFP.

The strength of the greenback is most pronounced against the Japanese yen. The major pair is trading at 119.20, just 80 pips from the next very round number of 120, and at a new 7 year high.

More currency movements:

  • Also against the euro, we see a fresh deterioration of EUR/USD under 1.2420. The pair managed to stay tense towards the decision.  Join a webinar  Preparing for the last ECB and NFP meetings of the year with EUR/USD – it begins at 14:00 GMT.
  • GBP/USD is losing its highs and heads down to 1.5650.
  • AUD/USD makes a big u-turn and slides down to 0.8440, after being unable to break resistance at 0.8540.

And here’s more:  Market Under-Positioned For ECB – Stay Short EUR/USD – BNPP.

In our latest podcast, we preview December’s big events, talk  about the importance of jobless claims, the crash in oil prices and GOFO going negative:

Download it directly here.

Here is the USDJPY chart:

USDJPY December 2 2014 new highs since 2007