The rebound expected in December finally came up against the reality of the macroeconomic terrain. The dollar index rallied above 102.50/20 and approached 104.65, before falling back in the wake of the Federal Reserve's meeting. The ECB added another layer when its President dismissed a question about future rate cuts, arguing that the possibility had not even been discussed internally. In other words, move along, there's nothing to see. The logical consequence was that the euro held up well, recovering three figures from 1.07 to 1.10. We'll now wait for this threshold to be breached before opening last summer's highs at 1.1237/75.

The Bank of England spoke more or less the same language as the ECB, i.e. a stance more hawkish than dove-like, allowing sterling to make some de facto gains. Cable thus returned to test horizontal resistance around 1.2780, the final technical barrier before the 1.3128 recorded in July.

Commodity currencies also benefited from dollar weakness. The aussie recovered above 0.6505 and is currently testing 0.6700/10, while its New Zealand counterpart is also trying to break through 0.6190/0.6215, which would open the way to 0.6390.

Lastly, the USDSEK has just touched the 10.20/16 level, the horizontal support in place since the start of the year, the break of which will open up 9.93. As for the USDNOK, the rebound collided with 11.02, which resulted in a new downward salvo towards 10.34, or even, let's be crazy, 9.94. But for that, we'll have to wait until 2024.