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Dollar Indices Consolidate, CHF Remains Well Bid

FOREX
  • US Dollar Indices held expectedly narrow ranges on Tuesday as market participants await the September FOMC decision/statement due on Wednesday.
  • With the bounce in equities waning throughout the latter half of the trading day, safe haven currencies remained well supported. Notably the Swiss Franc continued its recovery, resulting in USDCHF (-0.40%) sliding a full 100 pips from Monday's highs to around 0.9235.
  • Antipodean FX extended on Monday's decline with AUDJPY and NZDJPY losing just shy of 0.5% and closely tracking downside momentum in the Bloomberg commodity index.
  • Much more limited price action for the likes of EUR, GBP and CNH which remain close to unchanged. USDCAD also remains closely tied to the 1.2800 mark and flat for the day despite a more pronounced near 1% range following yesterday's election.
  • The pair continues to display a stronger bullish short-term outlook following the recovery from 1.2494, Sep 3 low. Furthermore, moving average conditions are in bull mode reinforcing this theme, opening up the potential for a move towards the 1.2949 bull trigger, Aug 20 high.
  • Overnight, the Bank of Japan kick off a busy central bank schedule over the next 48 hours.
  • The main event comes later in the day with the Federal reserve meeting. Eagerly anticipated, the FOMC will likely set up a taper start in late 2021, increasingly likely in November.
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