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Video / 18 January 2018 at 8:26 GMT

From the Floor: USD fighting back, Russian officials move to limit RUB

#SaxoStrats
   • USD fights back on Fed Beige Book release
   • AUD firm on strong payrolls growth
   • Russian officials move to limit RUB strength

picture
By Michael McKenna

The Federal Reserve released its latest Beige Book on the US economy Wednesday with the report pointing to a mild-to-moderate pace of expansion in wages, inflation, and the overall outlook.

The release proved USD-supportive in the late US and Asian sessions, with Saxo Bank head of forex strategy John J Hardy also noting that Apple's announcement that it will repatriate over $250 billion in assets under the new tax reform programme boosted the dollar as well.

EURUSD is well down from Wednesday's highs near 1.2320 while USDJPY has broken north of the 110.00 big figure.'

Elsewhere in FX, Russian officials were out warning of "eurphoria" relating to the elevated price of oil, and have indicated that they will be moving to defend against further RUB strength. In the Aussie, meanwhile, AUDUSD is firming just south of the 0.80 handle on strong employment data.

USDRUB:
USDRUB
Source: Saxo Bank

Michael McKenna is head of editorial content at Saxo Bank

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