Reports about a program by the Chinese authorities to stimulate the economy by 500 billion yuan is encouraging markets and triggering a US dollar sell off. Update: a report from Fed watcher Jon Hilsenrath at the WSJ also weighs on the dollar. Hilsenrath says what we are also saying in our preview: the critical word “considerable” regarding the time before a rate hike comes to the US is likely to stay with us also tomorrow. It isn’t only the Aussie, but a much wider movement. Quite a squeeze ahead of the Fed. China boosts liquidity to the 5 largest banks, seemingly in response to lots of weak economic data coming out from the economic giant. So far, the authorities seemed to let the economy cool down, perhaps as part of battling corruption and also as part of the much needed re-balancing of the economy. Here’s what’s going on in the markets. Note that each currency has its own story, and today these stories are also supportive of each currency against the greenback. EUR/USD is edging closer to 1.30. It has climbed to the highest since Draghi’s big measures. Resistance is clearly at 1.30, followed by 1.3050. Support is at 1.2960, followed by 1.2920. GBP/USD reached 1.63 but retreated back down to 1.6285. There is a growing notion of a No vote in Scotland, and this also helps the pound. See a timetable for the big day of the referendum. USD/JPY lost 107, but the move is more limited here. This hows that that both “safe haven” currencies are together in this: this is a “risk on” rally. AUD/USD, which already dipped below 0.90 twice on the Chinese news, leaped to 0.91 and is now a bit below. NZD/USD is above 0.82. An OK milk auction also supports the pair. USD/CAD fell under 1.10, making a full round trip. Strong manufacturing sales in Canada gave the initial boost to the loonie. Here are three reasons why USD/CAD is under 1.10. Regarding the US dollar, the next big event is the Fed meeting tomorrow, and it doesn’t look too good for the greenback: Fed Quick Preview: Considerable chance of dollar slide Here is a chart of AUD/USD, which shows the bounce from the lows: Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Ukraine tensions unravel, and so is the country, but the Yohay Elam 8 years Reports about a program by the Chinese authorities to stimulate the economy by 500 billion yuan is encouraging markets and triggering a US dollar sell off. Update: a report from Fed watcher Jon Hilsenrath at the WSJ also weighs on the dollar. Hilsenrath says what we are also saying in our preview: the critical word "considerable" regarding the time before a rate hike comes to the US is likely to stay with us also tomorrow. It isn't only the Aussie, but a much wider movement. Quite a squeeze ahead of the Fed. China boosts liquidity to the 5 largest banks,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.