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ForexLive Americas FX news wrap: Greenback still on the back foot post-FOMC

Forex news for trading for 18 August 2016

News:

Data:

It's been a tough day for the US$ as markets chew over last night's FOMC Minutes while better UK retail sales data earlier has put a bid under the pound.

A European morning session saw USDJPY rally strongly from 99.73 lows to 100.50 only to run into fresh supply and general yen demand. Currently back to 99.87 the retreat has put a general USD-neg sentiment under other pairs and that's given support to GBPUSD into 1.3120 and EURUSD at 1.3130.. Similar trend/support on other core pairs but rallies tempered by JPY-pair supply in the rallies.

EURGBP had a look at 0.8585 support before NA desks got going and we're currently back testing pivot levels into 0.8630 which is helping to cap cable rallies still.

AUDUSD found support into the pivotal 0.7660 area again but has yet to breach 0.7700 while USDCAD has been on the backfoot down to 1.2770 from 1.2830 on a USD-neg/stronger oil double whammy.

US Fed's Dudley offered some bullish tones to little avail. Fed's Williams up speaking shortly.

Oil had a good session as USD retreated and both Brent and WTI currently sit just below session highs.

Let's see now what Asia makes of it all.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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