The US dollar index is on the back foot after the FOMC posted a cautious stance yesterday. The dollar pairs are on the front foot, led by the AUD/USD which is building on yesterday’s solid rally which took the pair above 0.7250.
The EUR/USD is climbing for the fifth straight day to push through the 1.1500 level. The GBP/USD is holding above the 1.3100 support level after losses earlier in the week.
The USD/CAD continues to plunge following yesterday’s heavy selling. The Canadian dollar is benefitting from the weaker dollar and stabilisation in oil prices.
The USD/CHF is slipping back again after a failed attempt at 1.0000 as the dollar gives ground to the Swissy.
The USD/JPY is also suffering the dollar malaise, slipping below support at 109.00. Most other yen pairs are mixed as the yen strength is balanced against pound, euro and Aussie resilience. The AUD/JPY and EUR/JPY are unchanged, while the GBP/JPY is dipping slightly.
Gold is unchanged after pushing through the $1320 level.
Today, we have Spanish Flash GDP at 08.00.
Preliminary Flash European GDP is at 10.00.
At 13.30, we get Canadian GDP, RMPI. At the same time we have US Employment Cost Index.
Chicago PMI is at 14.45.
German Buba President Weidmann speaks at 16.00.
The USD/CHF is struggling after its latest failure to push through the 1.0000 level. With the dollar suffering from FOMC weakness, we could see this retreat run for longer.