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EUR/USD a tad weaker, deflates to 1.1310

FXStreet (Edinburgh) - The single currency is giving away part of its gains vs. the dollar today, sending EUR/USD back to the 1.1310 area.

EUR/USD remains above 1.1300

The pair continues to trade on the right footing at least during the European morning and ahead of the key FOMC meeting due later in the NA session, all against a backdrop of a rising offered tone around USD.

However, a more cautious tone seems likely as we get closer to the US open, following consensus amongst traders that the Committee could strike a hawkish tone today, albeit staying put regarding a rate hike.

EUR/USD key levels

The pair is up 0.21% at 1.1315 facing the next hurdle at 1.1339 (high Sep.17) ahead of 1.1374 (high Sep.14) and then 1.1523 (high Aug.26). On the other hand, a breakdown of 1.1285 (low Sep.17) would target 1.1214 (low Sep.16) en route to 1.1171 (low Sep.10).

AUD/USD rejected at 0.72, slides to 0.7170

The AUD/USD pair halted its long run of gains and turned in the red during the European session, as the Aussie suffered heavily from the persisting risk-off environment with traders now awaiting the Fed outcome.
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FOMC: Rate hike, not this time – BNP Paribas

Alexandra ESTIOT, Research Analyst at BNP Paribas, suggests that today’s FOMC meeting is one with forecasts’ update and press brief, a good opportunity for policy change but necessary conditions are not always sufficient, and we do not expect the Fed to change its policy stance.
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