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Talking-Forex.com
What started out as a quiet pre FOMC (minutes) session soon developed into another USD sell off, generated by a stop chase on USD/JPY through 110.00. We pushed below here on Tuesday to print 109.92, but this was extended in a further stop hunt, but we only managed to extend the downside by around 9-10 ticks before a snapback to 110.30 followed. Going into the London close, we settled back into a tight range above 110.00, and consolidation here likely until the 14.00 NY time release of the Fed minutes. Elsewhere, GBP suffered once again, taking out .8065 resistance highs and later .8100, while Cable has removed the recent 1.4050/55 lows to test 1.4000. Brexit uncertainty is back on the agenda, but as the USD theme took over, Cable has since been ramped back to 1.4100. EUR/USD gains touched on 1.1400, but held the Tuesday highs. A mixed session for the CAD, which was little affected by the Oil price rise after the DoE report also reported a drawdown against expectations – as did the API yesterday. Not too much to note in AUD or NZD, but the downside is looking a little tired here, and if Wall Street can recover a little, we sense there could be a modest recovery in the making here.
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