Evening forex report
The USD is a bit soggier in London morning trade, and chances are that unless the Q4 GDP number surprises on the upside, the USD will remain on a backfoot going into the Fed meeting. The risk has to be that the Fed move – 25bp, 50bp or nothing – is taken badly by the market and the USD falls out of bed. While possible, and the trend risk is in that direction, for choice leaning to USD bottom fishing ahead of the 1.4865/1.4920 zone in the EUR/USD, still aiming for 1.43 below this. Risk is at the 1.50 zone, with breaks leaving 1.57/1.60 to play for on a break. Cable is above 1.99 and while medium term targets at 1.80 are making this a tempting sell, favoring waiting for $2.01 still before selling, with 1.9880/40 now offering support and levels to sell on if broken. The yen has been quiet flat on the USD, with 163 open on the EURX charts on a pullback. Still looking for USD/YEN to perk up to 112/114 in time, 108 key first. The swing factors will be GDP and the Fed today, then onto payrolls on Friday
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