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Greenback Extends Reversal & Strengthening After Presser Ends

FOREX
  • The initial weakness in the US Dollar following the FOMC statement has abated with most G10 pairs trading back to pre-announcement levels and the USD reversal/strength extending in recent trade amid Chair Powell confirming it is 'very premature' to think about pausing rate hikes amid other hints that it is not clear they will slow the pace in December.
  • EURUSD sharply lower back through 0.9880 and then through the lows of the day after previously reaching a high of 0.9976.
  • As noted earlier, further weakness is now testing the validity of last week's reversal higher and whether the channel top that previously marked firm resistance will now act as support.
    • The channel top now intersects at 0.9821, closely matching the current low of 0.9823.
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