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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • NY Fed accepts $1.039 trillion in reverse repo operations $USD $DXY
  • This week cryptocurrencies were on the charge with Bitcoin leading the rally. Get your $BTC market update from @WVenketas here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 71.33%. See the summary chart below and full details and charts on DailyFX:
  • US Dollar is fairly mixed across the board of major currency pairs headed into month-end. The DXY Index is little changed on the session as recent selling pressure starts to subside. Get your market update from @RichDvorakFX here:
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.34% Silver: -0.02% Gold: -0.56% View the performance of all markets via
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.00% 🇨🇦CAD: -0.21% 🇯🇵JPY: -0.21% 🇬🇧GBP: -0.35% 🇳🇿NZD: -0.45% 🇦🇺AUD: -0.63% View the performance of all markets via
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: 0.01% FTSE 100: -0.06% Germany 30: -0.07% Wall Street: -0.33% US 500: -0.53% View the performance of all markets via
  • from support to resistance in $USD some very decent friday action $DXY
  • The Dollar is up after the core June PCE accelerated further to a 3.5% clip (highest since 1991), but US 10-Year yield is down 4 bps to 1.2290 and implied rate hikes through Dec 2022 has dropped 1.5bps from yesterday to 14bp (56% prob of hike)
  • It's time to look at the monthly candles on charts and check in on the Dollar and Amazon. DailyFX's @JohnKicklighter covers the markets 👇
Gold Higher, Dow Jones Gyrates, Treasury Yields Sink on FOMC Announcement

Gold Higher, Dow Jones Gyrates, Treasury Yields Sink on FOMC Announcement

Thomas Westwater, Analyst

FOMC, COVID-19, Recession, Dow Jones, Gold, Treasury Rates – Talking Points

  • COVID-19 remains prime factor to economic recovery
  • The Benchmark Federal Funds Rate unchanged at 0%-0.25%
  • Dot plot shows rates likely to remain low until 2022

The Federal Open Market Committee of the Federal Reserve left interest rates unchanged Wednesday afternoon, in line with expectations. This latest action leaves the benchmark Federal Funds rate at its historic low of 0%-0.25%. Gold marched higher following the announcement. Granted that, the Dow Jones Index and S&P 500 Index failed to follow through on strength and quickly erased gains as Powell took the podium following the rate decision release. However, tech stocks continued to show strength and added to recent record-breaking gains in the index.

Dow Jones Index (1-Min Chart)

Gold Higher, Dow Jones Gyrates, Treasury Yields Sink on FOMC Announcement

Source: IG Charts

Wednesday's hold on rates follows unprecedented action from the Federal Reserve over the past few months amid the COVID-19 pandemic, as the Fed pulled rates down from the 1.75% to the current 0.25% upper limit to support the economy. Treasury yields dropped after a brief tick up on the FOMC news, and now continue to head lower following the conclusion of Chair Powell's remarks. The 10-Year note's yield fell to 0.75%, clawing back all gains from the past week.

Turning to the Fed's updated economic projections, reveals GDP expectations from the Fed for the current year at -6.5% which is slightly more optimistic compared to recent figures from the OECD, showing a -7.3% to -8.5% drop in U.S. GDP. Nevertheless, projections for 2021 show the Fed expects a rebound in GDP with a positive 5.0% figure. This follows The National Bureau of Economic Research announcing Monday that the U.S. officially entered a recession in February, putting an end to the record economic expansion that followed the 2008 financial crisis.

Fed Updated Dot Plot

FED Dot plot

Source: Federal Reserve

During the press conference Chair Powell noted the challenges presented by the COVID-19 pandemic and stated that policy decisions will remain flexible in response to the ever changing situation. Rates remaining depressed through 2022 was highlighted when asked about the outlook on monetary policy, as Chair Powell referenced the dot plot and again hit on the unknown trajectory of the economy amid the virus pandemic.

10-Year Treasury Note Yield (5-Min Chart)

treasury rate fomc

Chart created in TradingView

While further policy tools, such as yield curve control (the Fed buying certain maturity Treasuries to keep targeted rates suppressed) were not discussed in the policy statement, many market participants expect the Fed to move this into their toolbox in the coming months. Willingness from the Fed to keep the taps open on its current tools, such as the balance sheet and current funding facilities bolstered gold, as the US Dollar weakened versus its major G10 peers.

Spot Gold (5-Min Chart)


Source: IG Charts

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