EUR/USD
EUR/USD had modest support at the beginning of the week as the anticipated US sanctions onto Russia were light handed and symbolic, along with Putin’s unaggressive demeanour in his mid-week speech. The main move of the week however, was the FOMC policy announcement on Wednesday, which brought forward forecasts of the first rate hike. The USD index rose to levels not seen since late February, with EUR/USD dropping to weekly lows paring all gains seen after the ECB policy announcement two weeks ago.GBP/USD
GBP/USD fell over the week despite the pair gaining from better than expected UK Jobless Claims data which saw the most people in work since records began in 1971 and the lowest single month LFS Jobless Claims rate since February 2009. Although all of these gains were pared that evening as the Fed revised their rate hike path. The pair moved below the 1.6500 support handle before levelling out in what was a relatively muted end to the week for the pair.USD/JPY
USD/JPY had some upward momentum coming into the week, with the positive move of the liberalization of the CNY float and Deutsche Bank and Barclays announcing that the copper financing risk has been overplayed. However the widening of the CNY trading band turned into the depreciation of CNY. Analysts warned of the 6.20 USD/CNY level which could have led to a wave of margin calls and a sign of further highs. The main source of pressure came from the Fed’s rate decision which saw USD/JPY jump a point within an hour before levelling off towards the end of the week.
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