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Dollar continues to soften. Fed decision 24 hours away.


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Dollar is now the weakest currency on the day….

The dollar has now taken over the weakest slot of the majors in trading for the day. It just overtook the JPY for that posiition.

The EURUSD and GBPUSD are the biggest movers vs the greenback, followed by the NZDUSD. The USDJPY, USDCHF, USDCAD and AUDUSD have all retraced from dollar gains and all trade near unchanged 

The EURUSD moved above its 100 and 200 hour MAs earlier today and have continued to run higher. If the momentum continues, the 1.10847-866 is the next target. We currently trade at 1.1071.

The GBPUSD recently moved above its 100 day MA at 1.2503 and the 38.2% of the move down from the March high near the same level. We currently trade at 1.2520 on stops being triggered and more buying interest.

The USDCAD was up sharply earlier after the weaker than expected Manufacturing sales, but moved back below its 100 day MA at 1.3271 and now is moving closer to its 100 hour MA at 1.32264 (low just reached 1.3232). Al the gains have now been erased in the pair.  .

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