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There was separation in the global market today between the movement in equities, commodities, and currency values. For nine months forex has followed stock moves, day in and day out, but today we saw a move towards currency pairs following oil, and ignoring equity moves.
Ahead of the Wednesday 14:15 EDT FOMC rate decision it may be that things hold in a channel, but we will need to watch the oil/forex link going forward. The dollar looks as though it may get weaker, unless of course the Fed pulls a rabbit from their hat.
We are very much aware of the reaction that the last three monthly 'Wednesday of FOMC' days, and as such are preparing to trade the dollar either way, long or short, said TheLFB Trade Team members.