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FOREX: USD Index Steady as Fed Keeps Guidance Unchanged

FOREX
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  • The USD index has broadly continued to consolidate its short-term recovery from the Monday lows on Wednesday. The greenback had a brief pop on the release of the Fed statement, where the FOMC decided to remove the reference to inflation making progress towards the goal, despite it remaining somewhat elevated.
  • However, Chair Powell explained that this was merely “cleaning up the language” and was not intended to send a signal. The US dollar quickly pared gains across the board, and has settled close to unchanged levels from pre-announcement.
  • Overall, AUDUSD remains the weakest in G10 following a softer Q4 CPI print overnight, that has firmed up market pricing for a February rate cut from the RBA. A brief spell of equity weakness also weighed on the Aussie, prompting AUDUSD to print a 0.6210 low. The pair looks set to extend its losing streak to three sessions, having held firm resistance at the 50-day EMA late last week. A continuation lower for AUDUSD, would bring the focus back on 0.6131, the Jan 13 low and the bear trigger.
  • For the majors, EURUSD has held a relatively contained range post-Fed, unable to breach the early European highs around 1.0430, as markets have one eye on the ECB decision and press conference tomorrow, and initial Eurozone inflation data scheduled across the following two sessions.
  • For USDJPY, 155.00 is providing some short-term support, as markets continue to trade in a more stable manner following the DeepSeek induced selloff on Monday. A short-term technical bear threat still remains present.
  • Alongside the ECB on Thursday, US Q4 growth data takes focus on the economic calendar, with annual GDP expected to come in at 2.7%.
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  • The USD index has broadly continued to consolidate its short-term recovery from the Monday lows on Wednesday. The greenback had a brief pop on the release of the Fed statement, where the FOMC decided to remove the reference to inflation making progress towards the goal, despite it remaining somewhat elevated.
  • However, Chair Powell explained that this was merely “cleaning up the language” and was not intended to send a signal. The US dollar quickly pared gains across the board, and has settled close to unchanged levels from pre-announcement.
  • Overall, AUDUSD remains the weakest in G10 following a softer Q4 CPI print overnight, that has firmed up market pricing for a February rate cut from the RBA. A brief spell of equity weakness also weighed on the Aussie, prompting AUDUSD to print a 0.6210 low. The pair looks set to extend its losing streak to three sessions, having held firm resistance at the 50-day EMA late last week. A continuation lower for AUDUSD, would bring the focus back on 0.6131, the Jan 13 low and the bear trigger.
  • For the majors, EURUSD has held a relatively contained range post-Fed, unable to breach the early European highs around 1.0430, as markets have one eye on the ECB decision and press conference tomorrow, and initial Eurozone inflation data scheduled across the following two sessions.
  • For USDJPY, 155.00 is providing some short-term support, as markets continue to trade in a more stable manner following the DeepSeek induced selloff on Monday. A short-term technical bear threat still remains present.
  • Alongside the ECB on Thursday, US Q4 growth data takes focus on the economic calendar, with annual GDP expected to come in at 2.7%.