USD in weakening side after Trump’s State of the Union address, as he added a little new specific information to the infrastructure and trade initiatives that had already been circulated around the news. Trump spent most of his speech hailing the success of his policies to cut taxes and improve the nation’s competitiveness.
GBP rebound leading the way in the weaking of USD as well as the US stock correction despite of higher UST yield. Carney sees the inflation to stay above 2% for the coming period of time and having no bias for Brexit as well as no bad news on the negotiation driven more short coverings for the GBP and GBP cross in late overnight session.
EUR also in rebounding side with the USD weakens. And still the funds under the hedge of Euro asset have consistent demands for EUR on lower side.
USDJPY keeping in steady tone and consolidate above 108.40 after the BOJ reinforcing the YCC policy stance unchanged but the broad USD weakness still adding more pressure for the pair in short term period.
Commodities currency firms up slightly as the USD continues to be in weakening side causing the lower stock effect in slow and orderly pace. In today’s FOMC meeting, the market expects Fed in keeping the rate unchanged at 1.5% with a hawkish bias speech. Some kind of buy on rumor, sell on fact might be happening afterwards if no surprising outcome from the meeting. Besides, US ADP data, MBA Mortgage Applications, Employment Cost index, Chicago PMI, Pending Home Sales and stock/bond market move will dominate the intraday action.