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Hardy: How I'm trading EURUSD in the wake of the latest Fed guidance

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Did the FOMC really give the markets a clear heads up on a December rate rise? It's never truly transparent when it comes to pronouncements from central banks and it's worth noting that a Christmas time rate rise is entirely dependent on the data. It's not clear cut. 

The markets seem to be taking the view that the US economy is not fully recovered and yet this latest Fed guidance has sparked more USD buying. The Fed, after all, is saying it is fully prepared to raise rates in December.      

Over to Saxo Bank's Head of FX Strategy John Hardy for his experienced view and trading strategy in light of what seems to yet more confusion despite the attempt at clarity. One thing's for sure, every scrap of US data between now and December will have the potential to spark overreaction in USD pairs.

John looks at EURUSD and USDJPY in detail and outlines the levels to watch.