Muted Market Conditions As Meaningful Event Risks Lack
There was little consistency in the performance of the U.S. dollar ahead of the Federal Reserve rate decision on Wednesday. The greenback slightly strengthened against the euro but gains were limited to a low of 1.1625. While the USD remains an unattractive buy against other better-positioned currencies, we expect higher volatility in all USD crosses starting tomorrow.
EUR/USD: The euro revisited its current support area around 1.1620 but refrained from trading any lower than 1.1625, at least for the time being. We still see an important resistance at 1.17/1.1715. On the downside, a break below 1.1615 could spark bearish momentum towards 1.1540.
GBP/USD: The cable traded flat between 1.3060 and 1.3015. Any price breakouts either above 1.3060 or below 1.2990 could result in more meaningful swings.
Important economic data scheduled for release today:
8:00 EUR German IFO Index
14:00 USA Consumer Confidence
(Time zone UTC)
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