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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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EUR/USD, GBP/USD and USD/JPY make headway

The Fed’s commitment to tighter policy next year has led to a bout of risk-on moves in markets, lifting key currency pairs.

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Forex United States dollar USD/JPY EUR/USD GBP/USD Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

EUR/USD stabilises as markets await ECB

EUR/USD managed to rally following the Federal Reserve (Fed) decision, as the price bounced from $1.125, but with the European Central Bank (ECB) on today’s calendar the risky period is not over yet.

However, the price is testing trendline resistance from the November high, and could be on the cusp of a break higher, challenging recent highs at $1.1325 and $1.135.

EUR/USD chart Source: ProRealTime
EUR/USD chart Source: ProRealTime

GBP/USD edges up ahead of BoE meeting

Today’s Bank of England (BoE) meeting shouldn’t deliver too much in the way of fireworks with GBP/USD, and with the price having stabilised over recent sessions a move back towards $1.3275 and potentially higher could be in the offing.

This may mark a short-term rebound within the broader downtrend of the second half of the year.

GBP/USD chart Source: ProRealTime
GBP/USD chart Source: ProRealTime

USD/JPY moves higher

The post-Fed price action suggests buyers are in the ascendant again with USD/JPY, after pushing the price back above ¥113.85, putting it back on course for ¥115.00 and ¥115.50.

Sellers would need to reverse gains and pish the price back below ¥113.20 to provide a more bearish view.

USD/JPY chart Source: ProRealTime
USD/JPY chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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