The USD continued to pullback after last week’s FOMC rate decision. The Fed didn’t say anything particularly dovish but given the response in both Forex and equities, it seems that there’s building hope for a pivot by the FED.
was when that price came into play, a continued break below that major level likely would’ve needed a considerable increase in motivation. Widening credit spreads in Europe could be that driver, or possibly even greater recessionary fears taking-over in Europe.
Notice how EUR/USD has seen resistance from around 1.0220-1.0233 for nine of the past nine trading days while building into. This is a very consistent range in what was previously a very volatile pair, and it’s so far held through the ECB’s lift-off 50 basis point hike as well as the Fed’s most recent 75 basis point hike. That range has held until yesterday, that is, when prices put in their highest close on the daily since early-July.
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