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Has Pre-FOMC US Dollar Correction Begun?

Has Pre-FOMC US Dollar Correction Begun?

2015-03-12 10:59:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- EURUSD dips sub-1.0500 before swiftly rebounding above 1.0600.

- Commodity currencies (AUD, CAD, NZD) leading the way.

- See the March forex seasonality report for trends in the QE-era.

The USDOLLAR Index has retraced all of its gains over the past 24-hours in a quick manner, after briefly setting fresh yearly highs against the Euro around the start of the Asian session overnight. The scope of the reversal is seeing the greenback post losses across the board, breaching short-term trend support levels in the process.

Has the pre-FOMC US Dollar correction begun? See the above video for technical considerations in EURUSD, USDCAD, AUDUSD, and GBPUSD.

Read more: Staying Short Euro in a Fast Trending Market

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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