The US dollar held strong in the early European session. Buoyed by a “no change” in interest rates from the federal reserve yesterday evening. After the quarterly rate decision was announced the dollar surged strongly against most currencies. The foreign exchange market was extremely active afterwards.

Before the U.S. open the latest Department of Labor figures were released. Filed unemployment claims fell below last months figure of 302,000, down to 259,000. It also beat the forecasts which were at 284,000. Once again this is strong data for the US dollar.

In early trading the US dollar was holding near the highs made during summer. Versus the Swiss franc it was standing at 0.971. Versus the Japanese yen it was standing at to 112.3.

The British Pound has held onto last weeks gains on the back of suggestions that interest rates are set to rise from the historic lows they were set to after 2016’s Brexit vote.

GbpUsd has spent the week in a range between 1.3500 and 1.3600. Likely being held back from surging higher due to the strength in the Dollar.

GbpJpy spent the early half of the week testing the lower 150.00 area before beginning to push higher as the Federal Reserve and Bank of Japan monetary policies were released. As things stand GbpJpy is above 152.00 and rising.

Summer strength in EurUsd has stalled somewhat, but the rate is consolidating up at the highs. Midweek it re-tested 1.2000 which it did twice in late summer. But once again it failed.

EurUsd is in a similar position to the British Pound where US Dollar strength is dampening any further moves higher.