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ForexLive European morning wrap: USD mostly bid but still making its mind up after FOMC

Forex news from the European morning session 17 Dec

News:

Data:

A little earlier than usual as I have to head out to a meeting but the main theme of the session so far has been one of the greenback still mostly in control but giving up some Asian gains

Following the roller-coaster ride immediately post-FOMC the US$ made solid progress higher in Asia but we've seen some money taken off the table and cross-plays also dominating with traders still rightly cautious

EURUSD has been up to test 1.0880 res/offers but settling back mostly around 1.0855 with large option expiries in play ( see above) while EURGBP has also been tightly pinned down between good support at 0.7250 and offer/res above 0.7285. Slightly better than expected German IFO had little impact but firmer equities are weighing on the euro generally.

GBPUSD had a spike higher testing 1.5000 after stronger than expected retail sales but just as quickly was slammed lower again and we're currently back down at 1.4933 after previous fresh lows of 1.4919. Strong support into 1.4890 still.

USDJPY enjoyed the Asian equity rallies but the move above 122.50 has been tempered by yen-pair selling. Support still into 122.20.

USDCHF and EURCHF have remained underpinned above 0.9930 and 1.0785 and the ever watchful SNB can not be ruled out as having a helping hand in that

USDCAD has traded tightly with support at 1.3780 and resistance into 1.3840 with the rally so far helped by softer oil prices

AUDUSD and NZDUSD have also seen cross play demand but similarly rallies tempered by USD demand

Jury very much out then as we wait on the next reaction from the US

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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