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Session recap: You wanted volatility? So you got volatility! USD returned; Stocks collapsed

FXStreet (San Francisco) - Regarding Thursday dramatic turnaround, I called it recently as: 'Today you have it; tomorrow you haven't'; Jamie Coleman from FXBeat said that "Wednesday never happened...;" Adam Button made a list of some of the contradictions "because there’s no real Fed/economic theme that could explain everything."

As summary, the USD returned on bullish trend and it recovered almost all yesterday's losses with the EUR/USD testing 1.2800 area but retracing back below 1.2700. The GBP/USD price above 1.6200 before waning gains and closing around 1.6100. the USD/JPY extended losses below 108.00 to close at 107.8.

So, we are back where we started. "At least, traders can’t complain about volatility these days: both greenback and stocks reversed Wednesday rallies, with most majors about to reach pre FOMC Minutes levels, big exception made by JPY," pointed out Valeria Bednarik from FXStreet earier in the day.

Wall Street erased best day of the year after declining over 2.0% while gold tested $1,233 high and the oil retraced to 2-year lows around 84.10.

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Valeria Bednarik, Chief Analyst at FXStreet, notes that after the setback seen in US hours, EUR/USD needs now steady gains above 1.2775 in order to regain the upward tone.
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