USD falling as FOMC brings the bears out

<p>The USD is still weakening from last night’s FOMC minutes, swinging to the dovish side as inflation is top of the list of concerns.  Today […]</p>

The USD is still weakening from last night’s FOMC minutes, swinging to the dovish side as inflation is top of the list of concerns.  Today the CPI came out and was flat- better than expected- but not enough to dig the USD out from the recent fall today. The yen has gained the most against the dollar as it falls from its highs of 118.96 down now to 117.96.

EUR/USD is flat for the day after having a disappointing morning, with poor PMI data from Germany dragging down the Euro Area Flash PMI, creating more concerns in the euro area of a growth slowdown.  But despite this, the afternoon traders have squeezed it back up to 1.2550 after the CPI from the US was not impressive enough.

UK retail sales set off cable in a positive direction after showing an increase more than expected.  Still on its climb now with a decent break through the 1.5700 figure, things are looking in the favour of the proud pound.

Last bit of data due today is the Philly FED which is expected to be less than before, so  there’smore in store for a weak USD possibly.

 

EUR/USD

Supports 1.2500 1.2460 1.2410  | Resistance 1.2590 1.2640 1.2680

USD/JPY

Supports 117.20 116.30 115.75  Resistance 118.65 119.20 120.10

 



GBP/USD
Supports 1.5600 1.5530 1.5470  Resistance 1.5730 1.5795 1.5870

 

 

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