EUR/usd

Neither bulls nor bears managed to push the market out of the existing trading range. The slowdown of growth and further short-term weakness of the single currency dropped the pair only to 1.2584. And though hardly anyone doubts the dollar's ability to continue growth, traders are simply too weak for such a step. For the next attack they need to store more liquidity. And this happens when the rate floats or consolidates. The example of this can be the period from the beginning of August till its middle. At that time after the consolidation within 1.3350-1.3400 the pair tumbled down below the consolidation levels and then suffered an attack, which irrevocably pushed the pair below the preceding levels of support. Yet, this game of speculators can be very risky, should there be a release of big news, which make investors reconsider their attitude to the currency. The major risk today is posed by the publication of fomc's September meeting minutes. We shouldn't expect any surprises as that meeting was followed by a press-conference, which shed light on the mood and intentions of the Committee. It seems that the main idea contained in the minutes will be final QE tapering. Only after its completion it will be reasonable to expect changes in the comments with the description of FOMC's further actions. The signals given by Fed's officials aren't less contradictory than those of market participants. As to FOMC's doves, Kocherlakota thinks it would be a mistake to raise the rates before the end of 2015 and Dudley agrees that it will be reasonable to start tightening in the middle of the next year. Now it remains to learn hawks' opinion. It looks like that the latter feel like raising the rates already somewhere in the second quarter, unless indicators suddenly malfunction.

GBP/USD

Yesterday the cable continued its offensive and at some point managed to exceed 1.61. Yet, bulls failed to close the day at that level. Today they are again trying to warm up the pair, pushing it off 1.6050. Absence of important news today can be to their benefit. The desire of the market to lock in profits from the previous growth of USD is so great that even zero rates of the Industrial Production Index against the expected growth by 0.2-0.3%% were ignored. Yet, it should be mentioned that analysts had some food for thought: the whole statistical array was dramatically revised, besides the revision affected not only Britain, but most other EU countries as well.  

USD/JPY

The yen is that very instrument, where players are actively closing long positions in USD. The downward adjustment is in full swing. Bears are trying to push the pair below 108, but there it enjoys good demand, capable to deter the further movement. If this level is broken, the next stop will probably be already at 107.38. 

AUD/USD

Yesterday the Australian currency successfully broke through the highs of October 2, i.e. recouped all losses inflicted by the US employment statistics. On a par with the yen, the aussie is a candidate for the highest growth in case of a full-scale correction against the dollar. Tomorrow's employment data for this country are also of interest after the extremely high rates in September (+120K).