NOK and EUR the top G10 gainers, up 0.19% and 0.14% (vs USD), respectively, while SEK is the top loser at -0.40%. Riksbank left the benchmark rate unchanged at -0.5% (as expected) but the statement was dovish; it was highlighted that in order to keep inflation on target continued support was needed from monetary policy and rate path was revised downwards signaling the first rate hike is now likely near the end of the year. Elsewhere, Norway’s unemployment rate was a beat coming in at 3.9% versus 4%. In the equities space, the Nikkei 225 has closed higher by 0.47% at 22319 while other Asian equities tumbled. The European equities are also trading weak with FTSE at -0.24%, DAX at -0.15%. In the rates market, the US 10-year yields continue to consolidate at 3.02% while the Bund 10-year yield has fallen slightly to 0.62%. In the energy space, the Brent front month is trading flat at $73.26, after a rejection from the $75.00 handle on Tuesday. In terms of data, the ECB rates decision and press conference will be due at 1145 and 1230 GMT, respectively; in our view, the market is already expecting dovish language on inflation and growth and hence, the bar for a dovish surprise is high. From the US we will have the durable goods orders at 1230 GMT.

10-year Yields Daily chart (6-month)

USD-Index Daily chart (6-month)

Brent Front month Daily chart (2-month)

Trade weighted basket Hourly (one-week)

Major Currency Pairs

EURUSD Chart (Two-week)

Strategy: Resistance at 1.2200 for 1.2090
Short-term view: EUR/USD has broken key support at 1.2225 and daily MACD has inched below the zero line. Hence, we expect a dip to 1.2126-51, possibly 1.2090. Above 1.2200 to open 1.2235

GBPUSD Chart (Two-week)

Strategy: Resistance at 1.3945 for 1.3856
Short-term view: GBP/USD has broken a multi-month uptrend and moving averages are all bearish. Hence, we see risk of a further dip to 1.3856. Above 1.3945 to open 1.3996

USDJPY Chart (Two-week)

Strategy: Support at 109.19 for 110.03
Short-term view: USD/JPY left a Marubozu candle on Wednesday and short-term momentum remains up. Hence, we expect a further bounce to 110.03. Below 109.19 to open 108.62

AUDUSD Chart (Two-week)

Strategy: Support at 0.7552 for .7600
Short-term view: AUD/USD has support at .7552 and MACD is improving. Hence, we expect a bounce to .7580-7600. Below .7552 to open .7517.

BTCUSD Hourly Chart (Two-week)

Strategy: Resistance at $9001 for $8385
Short-term view: BTC/USD has broken an uptrend plenty of resistance lies at 9001. Hence, we see a decline to 8385. Above 9001 to open towards 9164