* At cycle lows against most major currencies, the dollar found support on Wednesday. The dollar index rose to 76.42 after testing the 76-handle support. The S&P 500 index was up 2.56 points to 1,057.58. The euro fell for the first day in four ahead of Thursday’s European Central Bank’s interest-rate decision meeting, while the pound rose modestly ahead of the Bank of England’s meeting. The BOE is expected to keep its key interest rate at 0.50% while the ECB will likely maintain its benchmark rate at 1.00%. The USD/CAD climbed above the 1.06-handle. The AUD/USD, little changed, reached the highest level since August 2008. The Swiss franc fell as Swiss unemployment rose to an 11-year high.
* The USD/JPY declined after Finance Minister Hirohisa Fujii stated that “now is the time to calmly watch the currency markets” but there may be some action if movements become abnormal. The USD/JPY recouped most of its losses after testing the 88-handle support. The pair is in a clearly defined downtrend. However, there are strong supports at 88 and 87. The USD/JPY is extremely oversold; thus, we buy it with stop at 86.50.
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