The USD is moving lower after the lower-than-expected employment cost index data for the fourth quarter (a favored economic number of the Federal Reserve). The FOMC doesn’t meet today and announced its rate decision at 2 PM ET. No change is expected but the market will be focused on the statement and comments from Fed Chair Powell on any timing of the change in policy going forward.
In this video, I outline the technicals that are driving the EURUSD, USDJPY, and GBPUSD. Admittedly, the price action continues to be up and down, but the most recent tilt is in favor of the downside for the USD.
This article was written by Greg Michalowski at www.forexlive.com. Source