An early rally in the US indices and ongoing profit taking in FX triggered another massive slide on the dollar against the European and the commodity currencies, and a dollar/yen rally. Once the Fed met the market expectations and cut rates by 50 bps to 1%, stocks fell. The pattern seen during the past two days is in its final stages, so today the market should be even choppier than usual.
Euro/dollar.Above 1.3200, resistance is now seen at 1.3260. Distant resistance is at 1.3570 would signal a sustained recovery of euro/dollar.
Euro/dollar.Above 1.3200, resistance is now seen at 1.3260. Distant resistance is at 1.3570 would signal a sustained recovery of euro/dollar.
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