In particular, the EUR/USD pair is starting to call for a technical break to the downside now:
EUR/USD Daily Chart
The pair is down 0.4% at 1.0785 currently, threatening to break the 1.0800 level and especially its 100-day moving average (red line) at 1.0792. Today’s decline sees the price now hitting four-week lows.
Additionally, we also saw the GBP/USD pair pull back earlier as it dropped below the 1.2800 level here. However, the Bank of England will be the main thing to watch for the British pound.
Elsewhere, USD/CAD is up 0.2% at 1.3830 while AUD/USD is down 0.4% at 0.6515 currently. USD/JPY is still down 0.1% at 149.80 levels after briefly rising above 150.00 earlier. Meanwhile, USD/CHF is down 0.1% at 0.8765 currently. So, things are not easy for the greenback on all fronts.
But we see broader markets retracing some of their post-Fed moves during the session. S&P 500 futures are down just 0.1%, while Dow Jones futures are currently down 0.1%. European indices are also down more than 1% across the board as risk aversion starts to look a bit choppy.
In commodities, gold was down 0.5% at $2,435, while silver was down 1% at $28.73 on the day.