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Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

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  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: -0.00% US 500: -0.02% France 40: -0.09% FTSE 100: -0.13% Germany 30: -0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/3OyFlMWOIP
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  • Gold price action tumbles lower as the US Dollar strengthens broadly following the Fed. Get your $XAUUSD market update from @RichDvorakFX here:https://t.co/GWJcMiM3Vd https://t.co/X8WsTFwxFx
  • Fed's Powell: - No sense of panic in regard to inflation - I do not believe wage increases are causing price inflation
  • Fed's Powell: - High inflation prints not "what we were looking for" - Spike in inflation driven solely by supply side shock
  • Fed's Powell: - We expect RRP activity to remain elevated - Repo facilities performing as expected
  • Fed's Powell: - MBS and tapering were brought up by a number of FOMC participants - We will taper both (MBS & Treasuries) at the same time most likely
  • Fed's Powell: - Strong capital requirements are a "must" for banks, especially the largest banks - Capital requirements allow banks to continue to perform during severe downturns
  • The July FOMC press conference is hammering home this point: the labor market mandate is now on equal footing with the inflation mandate (which is atypical); and Powell is now making the case that the labor mandate is *more important* to normalization than the inflation side. https://t.co/saAmTwpTRw
  • Fed's Powell: - Fed has not made a decision on when taper will commence - Variety of opinions with in the Committee on when tapering should begin
Forex Strategy: USD/JPY Position Remains Active for Now

Forex Strategy: USD/JPY Position Remains Active for Now

Ilya Spivak, Head Strategist, APAC

I entered long the US Dollar against the Japanese Yen at 102.82 after prices recovered as expected having completed a Triangle chart pattern and booked partial profits just below the 104.00 figure.

Prices recoiled sharply lower from 104.14, the 38.2% Fibonacci expansion, to test a resistance-turned-support at 103.25. A break below this boundary would expose a horizontal pivot at 102.62. Alternatively, a reversal above resistance targets the 50% level at 105.19.

I have revised the stop-loss on the remainder of our long position to the breakeven level (102.82) and will allow the trade to remain active for the time being.

SEE CHART HERE

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