FOREX: USD Index Pushes to New Post-Fed Highs

* The strengthening theme for the dollar continues to be in play following the Fed last week, as the USD index extends the recovery from the September lows to as much as 2.3% this morning to a session high of 100.86. * Alongside this dollar optimism, the likes of AUD and NZD are underperforming on Wednesday, although broader declines are being seen across the G10, with EUR, GBP and the Scandies all trading between 0.25-0.35% weaker this morning. A set of solid flash PMIs from the Eurozone have had no effect on the softening Euro. Sustained clearance of a retracement level at 1.1416 would expose 1.1325, the Jun 24 low and a key medium-term support. * The New Zealand dollar remains the worst performing currency in September, and price action this morning is seeing NZDUSD test back towards yesterday's low of 0.5694. While hawkish leaning remarks from RBNZ Governor Breman prompted a notable turnaround on Tuesday, this recovery fell short of the prior breakdown point at 0.5762 and the ensuing weakness proves that short-term rallies remain purely corrective at this juncture, with a strong underlying bearish theme in play. * On the downside, 0.5673 is the next target for the move, before