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Dollar Whipsaws But Ends Lower Following Fed Press Conference

FOREX
  • Immediate price action saw the greenback kneejerk lower following the release of the November FOMC statement. The USD retreated roughly 30 pips before immediately finding support.
  • Heading into the press conference the dollar fully retraced and made new highs post the release, however, the rejuvenation was short-lived and the dollar once again traded with an offered tone, eventually making fresh session lows.
  • With the continued buoyancy in equity markets, risk-tied currencies are back on the front foot, with NZDUSD leading the charge, up 0.77%. In emerging markets there was a considerable near 2% turnaround after rejecting the late march highs above 20.97.
  • EURUSD reacted in tandem with the magnitude of moves seen in broad dollar indices, to trade back above 1.16, up a quarter point on Wednesday. USDJPY particularly lacked direction, spending the majority of the day trading either side of unchanged around the 1.1400 mark.
  • Elsewhere cable remained well bid throughout the majority of the day, with multiple lows beneath 1.3610 potentially signalling a short-term inflection point. On the upside, key short-term resistance has been defined at 1.3835, Oct 20 high where a break would instead confirm a resumption of the recent upleg and open 1.3913 once again, Sep 14 high.
  • Aussie retail sales data overnight along with a rate decision from the Norges Bank kicks off the European morning. The focus then turns to the Bank of England Decision, headlining the event risk on Thursday.
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