Risk Appetite Continues to Deteriorate Despite Dovish Fed

Fed Appears Dovish, but Investors Keep Reducing Risk Exposure

The dollar was found higher against most of the other G10 currencies during the early European morning Thursday. It was lower only against the safe-havens CHF and JPY, while it was found virtually unchanged against EUR. The greenback gained the most versus NOK, AUD, and NZD in that order.

DJIA — Technical Outlook

After hitting it’s two-month high, at 27632, the Dow Jones Industrial Average index started shifting slightly lower. However, if the possible further slide gets halted near the 25840 hurdle, marked by the highest point of May, or near a short-term tentative upside support line taken from the low of March 23 rd, that move lower could be considered as a temporary correction, before another leg of buying. We will take a cautiously-bullish approach for now.

NZD/USD — Technical Outlook

Yesterday, NZD/USD once again failed to stay above the 0.6580 barrier, marked by the lows of January 22 ndand 23 rd. This helped the bears to step in again and this morning we are seeing the pair drifting a bit lower. The slide may continue, however, as long as the rate stays above the short-term tentative upside support line taken from the low of May 15 th, we will class that slide as temporary correction before another leg of buying.

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