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EUR/USD upended by USD/JPY rebound
The Dollar index (USDX) is right now making some ground, as the USD/JPY rebounds back to around 150.25 a moment ago. It should be stated here though; that the price action in the USD/JPY remains extremely fluid, as indeed it was yesterday and all week for that matter. So, that dollar rebound coupled with the prospect of the BOE cutting rates today now garnering more support has pushed the GBP/USD back very close to the 1.28 handle since the last update. The EUR/USD has fallen back towards 1.0800 too and both moves in the Pound and the Euro come as the GBP/JPY and EUR/JPY cross rates lag the rebound in the USD/JPY- they have not kept pace with that USD/JPY move and that has forced the GBP/USD and EUR/USD backwards. The EUR/USD is also a massive wash-through for all the major parings and once again it is stifling any dimensional price action. The EUR/USD is currently trading at 1.0812
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