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FOREX: Weidmann sends EUR spiralling lower
-After a strong start to the Thursday session following the FOMC rate decision,
EUR/USD has almost reversed the entirety of the Fed-inspired move as ECB's
Weidmann was uncharacteristically downbeat on both the German economy and the
need for the ECB to be active in tightening policy. Weidmann stated that "the
process of ECB policy normalisation is likely to take several years" - helping
send EUR/USD back below $1.1450 and the EUR the bottom of the G10 currency
-AUD outperformed throughout, extending the week's rally to close to 1.5%. Bulls
now eye a close above the 200-dma at $0.7293 for further direction. AUD/USD
hasn't closed above here since mid-March 2018.
-The USD index traded slightly higher, but remains well below the best levels of
the week as the Fed decision continued to reverberate throughout European
-Friday's key nonfarm payrolls will be eyed for further direction on the USD,
while Eurozone advance CPI for January will be watched carefully by the ECB.