Forex news for US trading on August 28, 2015:

The main event was the appearance from Fischer on CNBC. He was more hawkish than expected and that led to some US dollar strength and an initial wave of stock market selling that was later mitigated.

EUR/USD and cable fell for the fourth day. the euro hit stops below yesterday's low of 1.1200 and quickly sank to 1.1156, just ahead of the 55-dma. Selling ahead of the London close was clearly a factor. A bounce back above 1.1200 was also faded and it finished at 1.1182.

Cable followed a similar pattern but caught a better bid later in the day in a rebound to 1.5400 from a low of 1.5336. Britain is on holiday Monday.

USD/JPY was a winner once again as the pair climbed above the 61.8% retracement of the recent drop. We finished close to the highs of the day at 121.64 in another positive sign. The pair had been down coming into US trading but finished higher.

USD/CAD managed to finish slightly higher despite a major rally in oil for the second day. The pair touched as high as 1.3300 but as oil buying hit, it slipped back and closed a cent from the highs.

Have a great weekend.

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