The US Dollar weakened slightly overnight as the market lowered its expectations for tonight's FOMC minutes. Traders are not expecting any surprises from the Federal Reserve, and it is likely that the comments will be in line with the previous one's made in the past few weeks by various FOMC members.
EUR/USD recovered from 1.0530 to 1.0555 overnight. The outlook remains negative, and resistance can now be expected in the 1.0600-20 area. Concerns about the upcoming elections in France are likely to keep the Euro under pressure.
USD/JPY fell from 113.70 to 113.30 in Asia. While it had a solid bounce off 112.55 support, the technical outlook remains negative. Only a clear break above 115 would switch techs back to positive and pave the way for a larger short squeeze.
The Australian Dollar is again struggling with 0.77 resistance. AUD/USD has been stuck in a 115 pips range this month, and given the lack of economic data out of Australia this week, further consolidation seems likely.
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