In between the reports, the currency majors were at pause while waiting for the next batch towards the end of the week. However,on the fundamental side of the equation; the recent Fed’s Beige Book statements indeed offered a more positive assessment of how the overall Federal Reserve report were widely interpreted.
By stating that US growth was, “modest to moderate” across most of the US states. while manufacturing maintained its expansion. The statement were more or less in line with the recent data and continued to imply that the US domestic recovery remains on track. And with that said, these statements have supported the technical charts for the major pairs.
On the other hand, the USDX again continued its advance after coming from a temporary correction with a low at 80.80 and rebounded back to the 81.50 levels and currently at 81.23 as of this writing. The US dollar advance by at least 1.05% against the British pound. While adding the Weaker than expected trade balance data out of the UK added to the downward pressure for the sterling / pound falling to a low 1.5305/10 range. And likewise awaiting ahead for the BoE interest rate decision expected to remain the same. A further downward pressure would open extensions at 1.5180 as the 2nd objective in line with the USDX higher than the previous established resistance at 82.05/10 basis point.
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