Market Overview

ForexLive Asian market wrap: USD slides slowly lower after FOMC


Most of today's action is still being influenced by the overnight FOMC
Many regional Asian markets are closed for the remainder of the week
BoJ Miyao: Japan likely headed for sustained recovery
UK economy: CBI adjusts GDP forecasts
NZ current account balance -3% GDP
Lawrence Summers to leave White House post
Nikkei flat
Gold steady at all-time highs around $1290/oz

EUR/USD closed in NY around 1.3250 but persistent buying from a Swiss name, thought to be EUR/CHF related, has helped the pair move higher in holiday-thinned markets. Ranges: EUR/USD 1.3248/1.3311; EUR/CHF 1.3211/66

USD/JPY opened in Asia at 85.15 and the market had expected some BoJ bids at 85.00 but when they did not materialise, the pair slid and triggered stops below 84.80. Ranges: 84.78/85.18, EUR/JPY 112.79/99

AUD/USD has also moved gradually higher in line with the weaker US dollar but rumours that the RBA was checking rates around 85.80 helped put a session top in place. Ranges: .9529/82

Cable has followed a similar path to the EUR/USD with the EUR/GBP cross trading in a fairly tight  range. Ranges: Cable 1.5605/65, EUR/GBP .8490/.8510

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.


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