The steady-as-she-goes policy from the Fed is underpinning stocks and commodities and giving a lift to the risk trades in general. AUD/USD is trying to establish a beachhead above the 0.9070 level and USD/CAD is getting comfortable below 1.0150. Cable is looking for a close above the former resistance at 1.5217 while EUR/USD has broken its downtrend and is chipping away at sellers stacked through the 1.3800 level.
Forex traders have a short attention span, so now that Greece has been taken off credit watch, the focus may shift to the US for a while. Lord knows there are enough US economic warts to exploit should the market turn its fire on the greenback.
An expensive new health care entitlement and an “infrastructure bank” announced today are just two new programs the government wants to adds despite $1trln deficits seen for the next decade or more.
A close above 1.3800 would go a long way toward swinging momentum against the dollar in the near-term, purely out of boredom, in my view…
