Although the USD Index moved little lower earlier today, the greenback remains supported by the Wednesday’s FED decision to raise interest rates for the first time in nearly a decade. Additionally, yesterday’s data, which showed that the number of initial jobless claims in the week ending December 11 decreased by 11,000 to 271 added to optimism over the strength of the U.S. economy and pushed the index above the level of 99. How did recent moves in the USD Index affect the technical picture of our six currency pairs?

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Yesterday, the Federal Reserve decided to raise interest rates by 25 basis points for the first time in almost a decade, which fuelled optimism over the strength of the U.S. economy and pushed the USD Index to 99 earlier today. How did this move affect the technical picture of EUR/USD, GBP/USD and USD/CAD?

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The most important event of this year will be today’s Federal Reserve's decision. Most investors expect that the U.S. central bank will raise interest rates for the first time since June 2006, however, before we know the decision and its impact on the currency market let’s take a closer look at EUR/USD, USD/JPY and USD/CHF.

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Although the U.S. Commerce Department showed that consumer prices were unchanged from a month earlier, year-over-year consumer prices increased by 0.5%, beating expectations for a 0.4% gain. Additionally, core CPI (without food and energy costs) increased by 0.2%, meeting expectations and supporting the greenback. As a result, the U.S. dollar moved higher against its Canadian counterpart, but will we see further rally?

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Earlier today, official data showed that euro zone industrial production rose 0.6% in Oct, beating expectations for a 0.3% gain. Thanks to these numbers, EUR/USD bounced off the session’s low and came back above 1.0980. But did this move change anything in the short-term picture of the exchange rate?

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