Free Trial
EUROZONE ISSUANCE

GREECE AUCTION PREVIEW: 1.75% Jun-32 GGB

USDCAD TECHS

Heading South

AUDUSD TECHS

Bullish Price Structure

CZECHIA

Michl Urges Industry to Contain Wage Growth

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
FOREX
  • The US Dollar has traded significantly lower on Wednesday, following the July FOMC decision and subsequent press conference.
  • The greenback received only a modest downtick following the decision to hike rates by 75bps, with the statement flagging softer spending and production indicators. However, Chair Powell’s signal that the September meeting has no particular guidance and that rate hikes will eventually slow, has sparked a relief rally across equity markets and in turn weighed heavily on the USD.
  • EURUSD made light work of the day’s highs through 1.0172, trading as high as 1.0221 towards the end of the presser. The pair hovers just below the highs approaching the APAC crossover.
  • Price remains below immediate resistance at 1.0278, the Jul 21 high of which a break above would once again resume short-term bullish conditions and signal scope for an extension higher within the bull channel - the top intersects at 1.0441.
  • Broad dollar weakness (DXY -0.78%) and the overall firm dovish effect on risk sees the likes of GBP and AUD atop the major currency leaderboard, mirroring gains of close to 1% and USDJPY roughly 100 pips off its best levels around 136.50.
  • Despite Chair Powell essentially cementing the idea that the FOMC won't pay much attention to tomorrow's GDP number, markets will inevitably eagerly await the data for clues as to the ongoing trajectory for US growth. As a reminder, Treasury Secretary Yellen is due to speak following the data.
  • Aussie retail sales will hit the wires overnight before preliminary regional German CPI data will be released throughout the European morning.

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.