Negative USD theme to continue, but some moderation ahead of the weekend

The current theme on the market is to sell USD’s, but after some heavy losses in the wake of the FOMC, we may see some moderation set in, especially ahead of the weekend.  All the major pairings are losing a little traction, and even USD/JPY looks to have moderated since the 111.00 breach, but the snap higher from 110.65 has made sellers a little more cautious, with Asia failing to test the low seen in London.  EUR/USD, Cable and AUD/USD have all edged off better levels, but of the 3, AUD looks the more comfortable hold, with equities in Asia bar the Nikkei all higher today.  ECB Praet now says there could be further cuts in the deposit rate to hamper EUR progress, while ever present Brexit fears should temper GBP gains in the interim.  NZD is back in the low .6800’s again, but should reclaim .7000 over coming sessions.  USD/CAD continues to head south, reaching near term targets at 1.3000 – perhaps a little sooner than expected – but seeing some consolidation potential after bottoming out around 1.2940.

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