News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/3zlDk5ITnw https://t.co/XQfFLxf4Kq
  • US Dollar Outlook: DXY Slides During Powell's Fed Testimony -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/06/22/us-dollar-outlook-dxy-slides-during-fed-powell-testimony.html $DXY $USD #Forex https://t.co/aza7FQRnF8
  • If you follow the emerging market currencies, another liquid EM cross to take note of is $USDZAR. Wavering at 14.5000 which is the 100-day moving average and trendline resistance since the pandemic recovery started. Haven appetite or carry competitor? https://t.co/s4PKXRTgo8
  • Through this past session, $USDCNH has climbed for eight straight trading sessions. Longest stretch since June 28, 2018 and one of the few areas the Dollar's climb has persisted https://t.co/sG2Ej804j5
  • The retailer has created an event that sees its sales surpass Black Friday and Cyber Monday combined. Get your market update from @PeterHanksFX here:https://t.co/LCyr0z9DHh https://t.co/xDTXRH1TEj
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.44% 🇳🇿NZD: 0.43% 🇪🇺EUR: 0.19% 🇬🇧GBP: 0.11% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CoczW1YszK
  • US API Stock Changes: #Crude -7.199M #Cushing -2.550M #Gasoline +0.959M #Distillate +0.992M #Oil $CL_F
  • Bitcoin breached the key psychological level of $30,000 for the first time since January The Jan 22 swing low of $28,800 came in to help cauterize support. Get your market update from @PeterHanksFX here:https://t.co/zmlplL9ZqD https://t.co/6R5nFtVFYS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/K9Qw88fR9n
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.01%, while traders in France 40 are at opposite extremes with 68.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HWcth7b6kv
US Dollar Seesaws After FOMC Minutes, June Hike Still Likely

US Dollar Seesaws After FOMC Minutes, June Hike Still Likely

Christian Lewis,

Talking Points:

  • FOMC statement references rate hikes and balance sheet adjustment, but lacks certainty
  • June hike still likely with officials stating tightening appropriate ‘soon’
  • Almost all Fed officials favor starting to shrink balance sheet in 2017

Keep up with all the latest market events – including Fed speeches – on theDailyFX Economic Calendar

The US Dollar failed to find a directional break after the release of May’s FOMC minutes, possibly indicating a slight disappointment to the lack of certainty to the policy pace. After the Fed wrote off the slowing of United States GDP in the first quarter as ‘transitory’, the market seemed to feel fairly confident about the possibility of a June hike. Today’s statement however cooled that confidence with no definitive preference for timing at the next meeting versus gatherings in the second half of the year.

While most Fed officials still state that they feel tightening is likely “appropriate” soon, it was stated that FOMC voters thought it prudent to await evidence that the recent economic slowdown is in fact transitory. These statements could be viewed as slightly more dovish, yet CME Fedwatch is still showing the current probability for a June rate-hike at 83.1 percent. That is slightly higher than it was prior to today’s release

The next major phase of monetary policy tightening - the timing and approach to the unwinding of the Fed’s balance sheet (also referred to as altering the ‘reinvestment’ policy) - has been of high interest to the market and was also touched upon in the statement. Almost all Fed officials now favor starting to shrink the balance sheet this year. The staff outline plan for the gradual phase-out of reinvestments was included in the transcript. It proposes raising the amount their limit for roll-off every 3 months. In a statement yesterday, Philadelphia Fed President Patrick Harker said unwinding the balance sheet will be “predictable, slow, and as boring as possible.”

US Dollar Seesaws After FOMC Minutes, June Hike Still Likely

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

DISCLOSURES