There is a lot of news to digest.
- The Swiss National Bank surprised the markets with a interest-rate cut, leading the way on the cut side for the major currencies (the Bank of Japan raised rates earlier this week).
- The Federal Reserve kept the rates unchanged yesterday but still are targeting three cuts in 2024.
- The Bank of England kept rates unchanged with some dovish overtones which helps to keep the GBP underpressure
- PMI flash manufacturing data in Europe was weaker than expectations which keeps the ECB in play, but they still see June as a potential launch for a rate cut
The news has the EURUSD and GBPUSD moving lower. The USDJPY has seen down and up flows so far today.
What about the technicals?
In this video, I take a look at where we now stand from a technical perspective with a focus on bias, risk, targets.