The atmosphere in markets is not so positive, to say the least. Stocks and commodities are falling, with oil prices leading the plunge and falling below $36.
Where is the US dollar in all this? Losing against the safe haven Japanese yen and also against the relatively new funding currency: the euro. It is even sliding against the pound.
Regarding commodities, it’s a winner against the Canadian dollar, for the obvious oily reason, but making gains also against the Aussie and the kiwi, which did get positive news early in the week.
Here is the EUR/USD chart, which shows the surge above 1.10 and towards the previous highs of 1.1040. Resistance awaits at 1.1070.
USD/JPY is trading below the 121 level and GBP/USD is topping 1.52 which it struggled to conquer beforehand.
And this is the other side: USD/CAD surging above 1.37 as oil prices continue slipping:
AUD/USD is trading below 0.72 despite an outstanding jobs report in Australia earlier this week. NZD/USD is at support at 0.67.
All these moves occur ahead of a huge event next week: the expected rate hike in the US.
Historic Fed Decision – All the Updates
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