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US CPI report came out solid and it appears sentiment has reversed (at least short term). However, immediately after knee-jerk reaction to the news, there was a short squeeze in which Euro made new high and briefly traded above 1.10. Particularly weak is Cable as UK CPI missed expectations earlier in the day.
al_dcdemo's Blog
USD weakness continues
After post-FOMC short squeeze and return to the mean, USD weakened today, especially in US session. The winner was again the Kiwi, which managed not only to retest Wednesday's highs but to also break above them. Strong resistance at 0.7600 - 0.7650 will have to be overcome next to confirm bullish bias.
USD back to pre-FOMC levels
Euro has reversed all yesterday's gains and it is the same story pretty much across the board. The winner appears to be Kiwi, which has given back only two thirds of the gains. Where to from here remains to be seen and will mostly depend on the data from the US.
USD squeeze
After lack of clear signal in FOMC meeting, USD was dumped across the board. Later in the day, massive short squeeze sent major pairs up 150-200 pips against USD. Daily range on GBP/USD is whopping 530 pips - that's why one needs stops, especially if trading leveraged. Similar squeeze happened on July 10 2013 and it preceded reversal.