A dose of Fed reality supports the Aussie

As Federal Reserve comments rein in some of the greenback’s exuberance, technical charts show strong signs of support for the Australian dollar.

I’m not sure why the markets were surprised by the minutes from the Fed’s September meeting released last week. As I mentioned a month ago in my piece titled The US dollar is at war with the Fed, a stronger greenback threatens the economic recovery. Now that the minutes have confirmed the Fed is discussing the issue, we are seeing the market reacting by pushing back expectations around the timing of rate rises -- softening the US dollar rally.

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