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FOMC Hold Brings on a Dollar Bounce

FOMC Hold Brings on a Dollar Bounce

2017-02-01 19:09:00
James Stanley, Strategist
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Talking Points:

- The Federal Reserve has held rates flat at today’s meeting with a unanimous vote.

- The Federal Reserve’s statement was not overly-hawkish, and the Federal Reserve’s next meeting in March is not looking likely for any rate adjustments; the takeaway from today’s Fed meeting, thus far, was a quick rush of USD-weakness that was quickly pounced on by buyers.

- If you’re looking for trading ideas, check out our Trading Guides. And if you’re looking for ideas that are more short-term in nature, please check out our Speculative Sentiment Index Indicator (SSI).

The Federal Reserve has just held rates at their first meeting of 2017 with a unanimous vote. And while no move in rates was expected today, the verbiage within the Federal Reserve’s statement did not appear overly-hawkish, leading to an initial influx of USD-weakness. But that weakness has been short-lived as buyers quickly pounced on the move-lower.

On the chart below, we’re looking at DXY as a representation of the U.S. Dollar at the time of the Federal Reserve’s statement release.

FOMC Hold Brings on a Dollar Bounce

Chart prepared by James Stanley

And on the below chart, we’re looking at USD/JPY around the 2PM release of the FOMC statement:

FOMC Hold Brings on a Dollar Bounce

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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