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Dollar Down to Start Off Fed Day

FOREX
  • The greenback is modestly softer ahead of the Fed rate decision and press conference later today, with the USD Index edging off the week's best levels printed ahead of the Tuesday close. Losses are minor, however, with most major pairs trading wholly inside the week's range.
  • EUR/GBP holds the bulk of the week's losses and is within range of support at yesterday's low of 0.8405 and July 13th's 0.8403. A break through here would put the cross at the lowest level since mid-May.
  • Pessimism surrounding Eurozone growth prospects continues to disseminate across markets, with gas flow to Europe via the Nord Stream 1 pipeline constrained further still Wednesday. Maintenance work surrounding a turbine at a particular compressor has restricted flow to 20% of capacity, supporting energy prices to new highs across the continent.
  • Elsewhere, NOK is extending its recent streak of outperformance, with EUR/NOK accelerating lower on the break of the 200- and 100-dma supports during the Tuesday session. This puts the cross at the lowest levels since early May and through the 50% retracement for the April - June upleg this year.
  • Focus rests on the Fed rate decision later today, with markets fully pricing a 75bps move higher later today and partial pricing of a more aggressive move. Data is also due, with prelim June durable goods, pending home sales as well as advance trade balance.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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