Daily Forex Outlook – March 16, 2017

Currencies Consolidate As Market is Confused
Currencies Consolidate As Market is Confused


The dollar crashed yesterday as the Fed disappointed the market by not being specific on when the next rate hike is likely to be. Though the Fed did hike rates, this was something that the market was expecting to happen anyway and so did not cause much surprise in the markets but the market was expecting a lot more from the Fed in its statement and in terms of guidance on how the economy is doing. But the Fed chose to maintain the usual stance of hiking rates as and when the data demands it and this pushed the EURUSD through 1.0700 and it trades strongly above that as of this writing. …Read More


The pound also got a boost from the weak dollar though it has to be said that the move up in the GBPUSD pair was more due to the fact that the dollar was weak rather than any inherent strength in the pound. With that being said, we expect the pair to find 1.2300 a tough nut to crack and with the dollar strength set to return anytime, the pair can be expected to correct back towards the 1.2100 in due course of time. …Read More


The yen crosses suffered a reversal yesterday which was in line with the fact that dollar suffered across the board as a result of the FOMC announcement during the US session. The USDJPY crashed by close to 200 pips as a result of the news and it trades just above 113 as of this writing and looks quite weak as well. This is in continuation of the ranging between 111 and 115 that we have been seeing in the USDJPY pair for the past few weeks now. …Read More


The commodity currencies received a huge boost, along with the commodities like gold and silver, as the dollar weakened post the FOMC late in the US session. We saw the AUDUSD pair shoot up from below 0.7600 towards 0.7700 and it has broken through that since morning for a brief while and it trades just below that as of this writing. The commodity currencies are expected to remain well bid during the day today as the dollar suffers. …Read More

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