Following the FOMC minutes Wednesday and the strong market reaction, we expected a bit of a pull back. This duely came with comments from the Fed's Bullard who downplayed expectations of more policy easing actions in the short-term; however, most market commentators and analysts have suggested they expect more easing before the end of 2012 or latest early 2013 although not all agreeing it will come by the next meeting; therefore Wednesday's market reaction might have been a little aggressive for the current climate.
Interestingly, throughout the day, many risk on pairs were well bid but the euro still managed to put in a gain, this disparity is unusual and probably something to watch for.
EUR/USD
The euro pushed higher but created some disparity with other pairs. We are still looking for a slight reversal/retracement and a good entry signal to put us long this pair. 
GBP/USD
Pound put in a small counter trend pin today, this could allow for a good retracement before a push higher. Watch for good entry signals towards previous resistance now turned support. A nice pin off of this level would put us long.
AUD/USD
Dropped today and really struggled to break the upper nose of the with trend pin, looks like this pair was well offered and could drop further invalidating our entry. 
USD/JPY
Stabilised today back in its mini range, we will need to keep an eye on this range and look for a break and entry signals again.
USD/SEK
Pushed lower from the signal yesterday. 
USD/NOK
Continued its run, dropping lower still, this position is now well in the money. 
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Bullard Downplays US Easing, But Dollar Still Loses Ground Against Euro
Published 08/23/2012, 05:05 PM
Updated 07/09/2023, 06:31 AM
Bullard Downplays US Easing, But Dollar Still Loses Ground Against Euro
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