Forex News: The Fed kept the rate unchanged at <1.25%, as expected but the Rate Statement was interpreted as dovish and the US Dollar weakened at the time of the release as a result.
Daily FX Analysis
Forex News: The US Dollar failed to stage a comeback and yesterday’s trading session was controlled mostly by the Euro bulls. In the afternoon we saw rejection around 1.1713, partly due to better than expected numbers for the U.S. Consumer Confidence survey.
Forex News: Yesterday’s trading session was controlled by the bears for the most part and the pair retraced lower but without threatening the support at 1.1616. European data missed the market consensus and this contributed to the currency’s weakness.
Forex News: Friday the fundamental scene was calm, without any important economic releases and this translated into a choppy session, mostly controlled by the bulls.
Forex News: After reaching a top at 1.1583, the pair started to retrace lower and most of yesterday’s trading session belonged to the bears. The U.S. Building Permits posted a better than anticipated number and this helped the US Dollar to some extent.
Forex News: Despite the overextended condition of price, the pair made another strong push yesterday, approaching 2016’s high at 1.1616. The German ZEW data came very close to forecast and the market remained mostly unaffected.
Forex News: Eurozone’s Final CPI that came out yesterday, matched the market consensus and the pair remained mostly unfazed by the release. Overall the session was mixed and the pair remained in a tight range.
Forex News: The testimony of Fed Chair Yellen was shifter 30 minutes earlier yesterday but overall the event did not have a huge impact on the US Dollar. The pair dropped through the 50 period EMA but recovered soon after.