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A mixed set of economic data kept the US dollar treading water. Consumer spending in August came in above expectations according to latest figures. The Department of Commerce reported a 0.4 percent lift in spending between July and August.

Commodities opened the week on a bearish note. Crude oil futures tumbled one US dollar to $47. Copper and other industrial metals also resumed their persistent downwards trajectory.

EUR/USD bounced upwards to 1.1177 retracing up from the 200-day moving average. Weak support was established at this level and this was enough to generate ample buying interest.

The dollar index edged lower on Wednesday on mixed data. The greenback was weaker against the euro but made gains on the British pound, Canadian and Australian dollars.

The dollar rallied as markets turned attention back towards slowing growth in emerging economies. A research note from the Asian Development Bank turned investors’ back to the situation in China.

GBP/USD fell by more than one percent as traders retreated to safer plays including the US dollar and Japanese yen. Selling began in the Asian session and sent cable abruptly into the support area at 1.5350.

Now forming a typical “head and shoulders” pattern GBP/USD is likely to find support around the middle of the 1.54 range. Resistance above 1.56 proved too strong to breach on this attempt.

After the Fed’s decision to hold firm on interest rates. The dollar was up against all major counterparts including the euro, the yen and the British pound.

The Fed leaned on the side of caution today and kept its target overnight interest rates on hold. This FOMC meeting was the first in nearly a decade in which the decision was finely balanced.

GBP/USD was testing the middle of the 1.55 price range as traders became more confident that the Fed would not decide to lift interest rates at this meeting. GBP/JPY also moved higher to 187 as sterling extending a two week long rally.