|
| Home | Forex Trend Charts | Links | Contact | Disclaimer | Privacy |
|
Forex Trading |
Consensus lacking as to where next for the Fed. August 9th - Last night’s FOMC rate verdict did little for the market with the no-change decision having already been largely factored into prices. However, the lack of any consensus as to where the Fed will take interest rates next does seem to have injected a degree of volatility into the dollar and with the message coming through that future movements will be data dependent, a little greenback support has been seen as a result. This may yet prove to be short lived though, as attention shifts to the next items on the economic calendar – oil inventory data will be closely watched as any notable draw down here could pump prices, in turn reigniting inflationary concerns whilst the Bank of England’s inflation report will also be eyed to see if there’s any call to take cable higher in the short term. The Pound did test the area below 1.90 last night but this proved to be rather short lived whilst across the Pacific, the Yen is failing to find much support as investors remain unenthusiastic about the Bank of Japan’s very gradual approach to tightening monetary policy. There’s still plenty of data to come before the weekend break including US trade data on Thursday and retail sales figures on Friday so further direction is to be expected but precisely which way markets will move remains to be seen… Tim Wilbraham and Enis Mehmet Phone USA: + 1 212 644 4220 Phone UK: + 44 207 170 8201 Fax USA: +1 212 644 4222 Website: http://www.cmcmarkets.com
|
|
| Copyright 2010 forexchartsnow.com. All rights reserved |