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Hardy: What's next for EURUSD following last week's earthquake?

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Last week saw an earthquake in Eurodollar, following the European Central Bank meeting which caught the market off guard. Saxo's John Hardy discusses whether it will continue higher or whether, as the EURUSD bears will be hoping, it's just a 'short-term train wreck'. The best he thinks they can currently hope for is a bout of range-trading.

Next week's Federal Open Market Committee meeting is crucial for the US dollar, says Hardy. He thinks the EURUSD move makes it easier for for the FOMC to raise rates. Last Friday's US nonfarm payroll figure added support to the dollar. But Hardy says overall USD pairs are fairly mixed. He discusses USDCAD and USDJPY.

John also looks at some of the commodity currencies including AUDUSD and in particular NZDUSD. On Thursday, the Reserve Bank of New Zealand holds its meeting where it could decide to cut rates, he says.