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FOMC Taper Mention Prompts Greenback Strength

FOREX
  • The US Dollar surged as the FOMC minutes suggested officials noted more recovery progress would open door to taper debate.
  • Before the release of the minutes, the cryptocurrency rout had kept the USD in marginal positive territory, however, with US yields surging back close to the May highs, the dollar is extending its reprieve following 3 consecutive days of declines.
  • The greenback strengthened across the board with EURUSD initially moving roughly 35 pips plumbing fresh session lows through 1.2190 to 1.2174. New highs for the USD against AUD, JPY, GBP, NZD, CAD, CNH and CHF.
  • Initial weakness in equities particularly made antipodeans suffer and the extension of US yields has enhanced the move lower. AUD and NZD are the biggest losers against the dollar, shedding 1% and 1.32% respectively.
  • On the downside for EURUSD, key short-term support is being approached at 1.2052, May 13 low. The outlook remains technically bullish following last week's recovery.
  • The focus overnight turns to Australian employment data as well as the Annual NZ budget release. Tomorrow in the US, markets will await Philly Fed and Jobless Claims, before the Bank of Canada's Macklem is due to give a press conference.
Energy BulletsCommoditiesFOMC Calendar Market News
Energy BulletsCommoditiesFOMC Calendar Market News

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