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Dollar Broadly Higher But Not Against Yen

Dollar strengthened against all its major counterparts yesterday after the FOMC showed that the Fed will continue to taper its bond stimulus program and it will remain unchanged. However Dollar remained weak against Yen as China’s HSBC manufacturing index showed that the manufacturing activity in China contracted again in February to a seven month low of 48.8 from a reading of 49.5 in January raising concerns over the growth in emerging market economies. The reading below 50 shows contraction. On the hourly chart seems like 100 day SMA is acting as a resistance for the pair. The pair may reverse its downtrend after the US data (Core CPI and Unemployment Claims) which is coming out at 8:30 AM EST.