USD BULL STORY SHIFTS TO MORE BEARISH
* USD is weak as Fed’s decision not to taper & a challenged communication style proves USD negative. These are major shifts for FX markets.
* CAD is strong on Fed decision and yesterday’s Gov Poloz’ speech.
* EUR is strong on relative monetary policy and short covering.
* GBP is weak after disappointing retail sales—likely temporary.
* CHF is up‐SNB leaves policy unchanged, noting floor remains essential.
* NOK rallies: Norges Bank leaves rates on hold; signals mid-2014 hike.
* JPY is weak on dovish BoJ & PM Abe policies. Trade deficit narrows.
* Gold rallies on Fed policy & implications for currencies.
Read full report: FX Daily
Scotiabank