European stocks putting in a strong finish to the week
The FTSE is finally through 7000 for the first time ever as stocks both here and in the US have a flyer as the week finishes.
Cable is also enjoying a late rally through 1.4900 to 1.4930 as it looks at yesterdays resistance following the dip to 1.4800
GBP/USD 15m chart
Given that it's also just been the London fix there may be an element of that in this latest move, so bear that in mind.
It's hard to know whether the dollar trend has been broken, a mere two days after the FOMC, but this is the second time we've gone to such heights in a short space of time. That could indicate that we may have seen the bottom for both EUR/USD and GBP/USD, at least temporarily.
We're heavy on US manufacturing, housing and inflation data next week as well as the final read for Q4 GDP.
It will be the first big test of the Fed's new found "watch the data" era so could be a good one for volatility