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The US Federal Reserve have just announced a 0.25% rate cut. That takes the mid-point of the Fed Funds rate to 4.625%, down from the previous level of 4.875%. This was very much the expected outcome across the markets and so it comes as no surprise. The dollar had already come under a degree of pressure this afternoon, as the pro-dollar Trump inspired rise reversed some of the gains notched up since Tuesday evening. The USD/JPY had fallen back almost 200 pips from an earlier session high at 154.71 to a session low at 152.86 heading into this decision. That means it had already corrected a little over 50% of the entire move since Tuesday evening (151.29 to 154.71), when it dropped below the 153 handle today. The reaction to this Fed decision has seen it initially rise back above 153. Immediate technical support/resistance levels are in place at 152.60 and 153.40. The USD/JPY is trading right now at 153.25
Well, you were alerted to something rather strange going on this afternoon in Gold and since then the metal has taken another lurch lower. This time...
The US stock markets have not long reopened for the final trading session of the week. It has been a very modestly higher opening across the board...
Given the reaction in the GBP/USD and the USD/JPY after the US sales data you might easily be forgiven for thinking the EUR/USD should be above 1.05...
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