|Day's Range||110.56 - 110.855|
|52 Week Range||104.6670 - 114.5110|
The US dollar went back and forth during the trading session on Wednesday, as we continue to see a lot of indecision in this pair. We are at major technical levels, so this should not be a major surprise.
The British pound rallied a bit during the trading session on Wednesday, testing the ¥145 level. At this point, it looks as if the resistance may hold short term, but I do believe that eventually we could break out considering that we have a nice bullish flag that just kicked off.
Investing.com - The U.S. dollar pared some losses against a basket of major currencies Wednesday, even as the minutes from the Federal Reserve strengthened expectations the central bank will leave interest rates on hold this year.
Investing.com - The greenback was flat on Wednesday, as investors waited for the Federal Reserve to release the minutes from its latest monetary meeting.
Based on the dovish comments from Fed Chairman Jerome Powell and the other policymakers, traders have reason to believe that the Fed is going to pause raising interest rates, however, they are less certain about what the central bank is going to do with the $4 trillion of bonds left on its balance sheet.
The Euro initially pulled back during Tuesday’s session but received strong support around the 1.13 area, which helped to rally higher. The pair is likely to continue its long-term consolidation which now ranges between the 1.12 and 1.15 level. If the pair can clear above the 1.1350 level, then it will be a bit positive for the market and could reach another 100 pips higher. …Read MoreGBP/USD
Trade data out of Japan suggests more doom and gloom as trade negotiations. Brexit chatter and the FED minutes will be in focus through the day.
Based on the early price action, the direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to 110.693.
Investing.com - The U.S. dollar was little changed on Wednesday in Asia as traders await the minutes from the January U.S. Federal Reserve meeting due later in the day.
The US dollar continues to go back and forth against the Japanese yen, as you can see based upon the daily chart. At this point, it’s likely that we will see a lot of confusion as we are at a major crossroads.
The British pound initially pulled back during trading on Tuesday, but then turned around to reach towards the top of recent consolidation again. By doing so, we continue to strengthen the case for an important technical pattern.
Investing.com – The U.S. dollar slipped against a basket of major currencies Tuesday, pressured by strength in the pound on strong labor market data and hopes for progress on upcoming Brexit talks.
Investing.com - The U.S. dollar dropped for a third-consecutive session on Tuesday, as further dovish comments from a Federal Reserve member put downward pressure on the greenback.
Negative sentiment towards the global economic outlook weighed on the commodity currencies, with economic data and Brexit putting the Pound in Focus.
Investing.com -- The dollar was broadly flat against the euro and sterling in early trade in Europe Tuesday but rose against the yen after Bank of Japan Governor Haruhiko Kuroda said he was willing to take action to stop the currency rising too far.
According to the minutes, the Monetary Policy Board saw “significant uncertainties” on the economic outlook. It also said it saw scenarios where interest rates could eventually rise, or fall. Additionally, it said the probabilities around these scenarios were more evenly balanced than before.
Investing.com - The Australian dollar traded lower after the Reserve Bank of Australia (RBA) minutes showed “significant uncertainties” on the economic outlook.
The US dollar pulled back a little bit during the trading session on Monday, but then rallied to show signs of life again. The market has been very bullish as of late, but the last couple of days showed a bit of weakness. Now that we are starting to show signs of life, it looks likely that we continue to see buyers.
The British pound gapped higher to kick off the week, and then continue to go higher. With that being the case, it’s likely that the market is looking at the US/China trade situation with a bit more optimism as this pair will be very sensitive to it.
The pair is getting hammered due to ECB’s dovish attitude and weak economic numbers from the European Union. The pair is likely to continue consolidating between the 1.12 and 1.15 level and will also remain volatile.
The direction of the USD/JPY the rest of the week is likely to be determined once again by Treasury yields and the stock market. These market are likely to be largely influenced by U.S.-China trade negotiations. However, investors will also get a chance to react to the latest Federal Open Market Committee Meeting Minutes and the U.S. Durable Goods Orders.
Investing.com -- Foreign exchange markets got off to a slow start Monday, with trading set to remain subdued due to a sparse data calendar in Europe and public holidays in North America.
Investing.com – The Chinese yuan gained against the U.S. dollar while the greenback traded slightly lower on Monday in Asia, as the prospects of a Sino-U.S. trade deal improved investors’ appetite for riskier assets.
Judging from the way the dollar index is weighted, the best bet for another surge to the upside will be a weaker Euro, Japanese Yen and British Pound.