Dollar pushes back against post-Fed losses

In particular, EUR/USD is starting to invite a technical break to the downside now:

The pair is down 0.4% to 1.0785 currently, threatening a break under 1.0800 and more notably its 100-day moving average (red line) of 1.0792. The drop today sees price now touch fresh lows in four weeks.

Besides that, we’ve also seen GBP/USD retreat earlier in a drop back under 1.2800 here. The BOE will be the main thing to watch out for though for cable.

Elsewhere, USD/CAD is up 0.2% to 1.3830 while AUD/USD is down 0.4% to 0.6515 currently. But USD/JPY is still down 0.1% to 149.80 levels after a brief jump above 150.00 earlier. Meanwhile, USD/CHF is down 0.1% to 0.8765 at the moment. So, it’s not plain sailing for the dollar across the board.

But we are seeing broader markets also retrace some of the post-Fed moves on the session. S&P 500 futures have retreated to be up just 0.1% with Dow futures down 0.1% currently. European indices are falling by over 1% across the board as the risk mood starts to look a little shaky.

In the commodities space, gold is down 0.5% to $2,435 with silver down by 1% now to $28.73 on the day.

This article was written by Justin Low at www.forexlive.com.