EUR/USD, GBP/USD and USD/JPY make headway
The Fed’s commitment to tighter policy next year has led to a bout of risk-on moves in markets, lifting key currency pairs.
EUR/USD stabilizes as markets await ECB
EUR/USD managed to rally following the Federal Reserve (Fed) decision, as the price bounced from $1.125, but with the European Central Bank (ECB) on today’s calendar the risky period is not over yet.
However, the price is testing trendline resistance from the November high, and could be on the cusp of a break higher, challenging recent highs at $1.1325 and $1.135.
GBP/USD edges up ahead of BoE meeting
Today’s Bank of England (BoE) meeting shouldn’t deliver too much in the way of fireworks with GBP/USD, and with the price having stabilized over recent sessions a move back towards $1.3275 and potentially higher could be in the offing.
This may mark a short-term rebound within the broader downtrend of the second half of the year.
USD/JPY moves higher
The post-Fed price action suggests buyers are in the ascendant again with USD/JPY, after pushing the price back above ¥113.85, putting it back on course for ¥115.00 and ¥115.50.
Sellers would need to reverse gains and pish the price back below ¥113.20 to provide a more bearish view.
This information has been prepared by IG, a trading name of IG US LLC. This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. You should not treat any opinion expressed in this material as a specific inducement to make any investment or follow any strategy, but only as an expression of opinion. This material does not consider your investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. No representation or warranty is given as to the accuracy or completeness of the above information. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. Any research provided should be considered as promotional and was prepared in accordance with CFTC 1.71 and designed to promote the independence of investment research. See our Summary Conflicts Policy, available on our website.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.8 pips on EUR/USD
- Analyze market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on the most popular forex markets
See more forex live prices
Prices above are subject to our website terms and agreements. Prices are indicative only
