• The US dollar remains under pressure as Chair Powell commences his press conference and starts taking his first questions. Most recent greenback downswing attributed to the consideration of a pause in the lead up to the meeting.
  • Cable has retaken the 1.23 handle and has made fresh highs for the week, with the firmer UK CPI print earlier today underpinning the move higher ahead of tomorrow’s BOE decision.
    • Firm clearance of 1.2296 resistance would open up a move to 1.2448, the Jan 23 high.
  • Additionally, EURUSD has just matched its first resistance point at 1.0911 with AUD and NZD continuing to benefit from the firmer risk backdrop and weaker dollar.

FOREX: Greenback Extending Decline, Cable Rises To Fresh Weekly Highs

Last updated at:Mar-22 18:54By: Jack Lewis
  • The US dollar remains under pressure as Chair Powell commences his press conference and starts taking his first questions. Most recent greenback downswing attributed to the consideration of a pause in the lead up to the meeting.
  • Cable has retaken the 1.23 handle and has made fresh highs for the week, with the firmer UK CPI print earlier today underpinning the move higher ahead of tomorrow’s BOE decision.
    • Firm clearance of 1.2296 resistance would open up a move to 1.2448, the Jan 23 high.
  • Additionally, EURUSD has just matched its first resistance point at 1.0911 with AUD and NZD continuing to benefit from the firmer risk backdrop and weaker dollar.

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