The Bank of England hiked while the ECB held, but it’s the Euro getting the topside treatment, further highlighting the important role of expectations in the FX market.

The USD has been overtaken by a deluge of sell orders after last week’s breakout, and some are even expecting a negative NFP print on Friday.

Euro strength has started to show after last week’s sharp sell-off, and there’s even a bullish candlestick formation that’s showing ahead of the Thursday ECB rate decision.

Gold reversed aggressively last week and slid down to a fresh monthly low. With the focus on the Fed and higher rates, the bearish theme may not be done just yet.

Gold prices continued to breakdown through FOMC yesterday but a lifeline appears to have shown at the 1800 handle. Can bulls hold on – or is resistance going to play-in off of 1815?

The FOMC held rates flat at today’s rate decision, but the devil is in the details and the press conference is where many are looking for clues on the Fed’s stance for the rest of the year.