The US markets are taking in stride the sharp slide in Asian shares overnight. Risk-off trades are being covered, helping push EUR/USD to test resistance at 1.4185. A break of the 1.4215 area would set off a swifter short-covering rally and reaffirm the motion that ranges will prevail for the balance of the summer. It is unclear whether we can make such a move before hwaring from the Fed later today, though.
Status quo from the Fed argues for continued 1.40/1.45, on the wide…
