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Fed was arguably more hawkish than expected, now seeing four hikes this year, or cumulative 100 bp. In addition, the bank is going to hold press conferences after every meeting, starting January 2019, which could be seen as more opportunity to hike further, provided that the economy maintains current pace. U.S. dollar spiked higher initially but reversed the very next hour, which is telling. We'll see what European traders have to say before heading to pubs and TV screens, as FIFA World Cup star…
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FOMC hikes, U.S. dollar sells off
FOMC hiked federal funds rate corridor by 25 basis points, to 1.50% - 1.75%, no surprises here. Economic outlook was upgraded but the committee did not explicitly signal further three hikes this year and that was part of the reason why the U.S. dollar sold off. In essence, traders just jumped on the trade in line with broader (macro) direction. EUR/USD closed the day above 1.2330 pivot and 50 DMA. 1.24 is the initial resistance on the way to 1.25, and beyond.
USD/CAD pulls back ahead of the FOMC
Canadian dollar gained about 50 pips overnight, as U.S. relaxed terms on some parts of new NAFTA proposal. It's also technicals. The pair encountered resistance at 61.8% retracement of 2017 decline and 2016 - 2017 trendline, with USD/CAD buyers booking some profits ahead of the FOMC decision later today. 1.2975 - 1.30 is the initial support and 1.3050 - 1.3075 the resistance.
U.S. dollar looks supported after the FOMC decision
FOMC left federal funds rate in 1.25% - 1.50% range, as expected. The statement was seen as slightly more hawkish than expected. March hike appears to be a done deal with some quarters now expecting as many as four rate hikes this year. U.S. dollar looks supported but will it last?
U.S. dollar sold after FOMC decision
FOMC hiked federal funds rate by 25 basis points, as expected. Kashkari and Evans dissented. Rate statement hasn't changed much. Initial reaction was to sell the dollar, then shorts got squeezed but the dollar looks heavy across the board. Let's see what Janet Yellen has to say on her farewell press conference in a couple of minutes.
Aussie looks heavy above 0.80
Having briefly traded above 0.81 on the initial reaction, Aussie was sold strongly after FOMC decision. It extended losses on the following day as RBA governor Lowe said they are in no hurry to hike rates. China ratings downgrade and metal prices falls didn't help the currency either.
AUD/USD broke and closed below both shorter-term trendline and 50 DMA yesterday but pulled back towards the trendline today. 0.80 should now cap it, if we are to see continuation lower. 0.78 - 0.785 would be the ne…
AUD/USD broke and closed below both shorter-term trendline and 50 DMA yesterday but pulled back towards the trendline today. 0.80 should now cap it, if we are to see continuation lower. 0.78 - 0.785 would be the ne…
Kiwi pulls back after hitting 0.7430
New Zealand GDP came in as expected, at 0.8% QoQ and 2.5% YoY, but that did little to support the pair which was already being offered following more hawkish than expected Fed. Pre-election adjustments also going on.
The pair traded to as high as 0.7430 yesterday but has so far retraced to 0.73. It is currently stalling near 50 DMA. Some further correction is possible with 0.7250 and then 0.72 the support levels to watch. 0.7350 is the initial resistance.
The pair traded to as high as 0.7430 yesterday but has so far retraced to 0.73. It is currently stalling near 50 DMA. Some further correction is possible with 0.7250 and then 0.72 the support levels to watch. 0.7350 is the initial resistance.
Kiwi looks supported as N.Z. election looms
Kiwi dollar remains supported but contained ahead of the general election on the weekend. There's also New Zealand second quarter GDP coming up on Wednesday evening (Thursday morning in N.Z.), just a couple of hours after the FOMC decision.
The pair is bumping into 0.73 - 0.7350 area, which capped the pair in 2016 and earlier this year, and includes 50 DMA. A successful break would put 0.75 back into focus. 0.72 is the first stronger support, reinforced by 100 DMA.
The pair is bumping into 0.73 - 0.7350 area, which capped the pair in 2016 and earlier this year, and includes 50 DMA. A successful break would put 0.75 back into focus. 0.72 is the first stronger support, reinforced by 100 DMA.
USD/JPY pulls back ahead of the BOJ
USD/JPY rose to the highest level since January on the day after the FOMC decision, adding nearly 400 pips in two days. Tomorrow, the BOJ concludes its two day meeting and, while no policy change is expected, there was some talk about the bank rising its yield target.
Today's pullback in the pair probably reflects some position squaring ahead of the meeting and into the year-end holidays. 117 is the immediate support with the stronger one between 115 and 116. On the upside, the next target is 11…
Today's pullback in the pair probably reflects some position squaring ahead of the meeting and into the year-end holidays. 117 is the immediate support with the stronger one between 115 and 116. On the upside, the next target is 11…
Swissie posts a six-year high
Follow-through buying after Wednesday's FOMC decision saw Swissie briefly broke above 2015 high (1.0328) yesterday, posting a six-year high (1.0343). There seemed to be little reaction to the SNB which kept its policy stance unchanged.
The pair is pulling back from the highs and 1.02 - 1.025 looks like a decent initial support. Should the rally continue, the first major resistance is seen near the 2008 - 2016 support/resistance line which is backed by the big figure level at 1.05.
The pair is pulling back from the highs and 1.02 - 1.025 looks like a decent initial support. Should the rally continue, the first major resistance is seen near the 2008 - 2016 support/resistance line which is backed by the big figure level at 1.05.