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USD Index Moderately Lower Following FOMC Press Conference

FOREX
  • As the FOMC press conference progressed, the greenback traded on the backfoot and the USD index (-0.32%) extended to fresh session lows as Powell remained non-committal around the September decision.
  • The Japanese yen has outperformed Tuesday which prompted USDJPY to slide back briefly below 140 and narrow the gap with initial resistance at 139.75.
  • In similar vein, EURUSD makes gradual progress to the topside, printing a fresh high for the day at 1.1107 before creeping back below the 1.11 handle as we approach the APAC crossover. The pair remains way off the week’s highs around 1.1147.
  • The Australian dollar remains one of the poorest performers across G10, after the lower-than-forecast CPI print for Q2. Importantly, the trimmed mean and weighted median releases were softer than expected, helping drag AUDUSD back toward first support at 0.6725, the 200-day moving average. EURAUD has unwound a solid portion of the weakness seen to begin the week, that had largely stemmed from the poorer European data and stimulus hopes in China.
  • Focus quickly turns to the ECB with its rate decision and press conference on Thursday. Beyond indicating a willingness to tighten further, if necessary, the ECB is unlikely to pre-commit to an additional policy rate hike in September. Attention will also be on the Advance reading of Q2 GDP from the US, before Friday’s Bank of Japan meeting.
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