With Asian central banks continuing to intervene to weaken their local currencies night after night, they also continue to diversify the resulting reserves into euros, Aussie, gold, etc on every dip, day after day…
EUR/USD dipped as low as 1.4655 ion early US trade only to bounce to the 1.4670 level at present.
AUD/USD is consolidating gains at 1.0815 (We’ll be holding a bake sale to fund Sean’s paycheck later this week).
Expect markets to be choppy in advance of the FOMC announcement at 12:30 this afternoon.
