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Breaking news

Federal Reserve Leaves Interest Rates Unchanged, Maintains Monthly Asset Purchases

Real Time News
  • 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
  • Fed's Powell: - Transitory means not impacting longer-run inflation patterns - We must be extremely careful when it comes to the inflation mandate
  • Fed's Powell: - Fear of COVID and unemployment benefits are keeping people from working - Such a high vacancy-to-unemployed ratio is rare
  • Fed's Powell: - We are not looking at raising rates, but instead asset purchases - Ideally you would not be raising rates before tapering
  • @CVecchioFX @RiskReversal @GuyAdami Gold is headed back to the bar for another bender #LowerForLonger
  • Fed's Powell: - Move in yields not pinned on one single factor - Technical factors, movements in real yields shifting bond market
  • Fed's Powell: - In the near-term, risks to inflation are tilted to the upside - If inflation continues to rise above the Committee's goal, Fed will use its tools to guide inflation lower
  • $USD bearish break, now at LOD next support 92.19-92.26 https://t.co/KE2gP6Q1Xs https://t.co/DmMGL9byme
  • Gold and the US Dollar whipsawing in wake of the Fed statement and press conference hosted by Chair Powell. Statement said the economy has made progress toward its goals, but Powell just expounded on this by saying "we are still a ways away from *substantial* progress on jobs." https://t.co/qVy8rpIn86
EURUSD, AUDUSD and S&P 500 Take a Dive as Risk Collapses

EURUSD, AUDUSD and S&P 500 Take a Dive as Risk Collapses

John Kicklighter, Chief Strategist

The Fed's decision to deny the market QE3 was a disengaged hope and June's bullish push, left to fend for itself, the market was waiting for the next fundamental swell. That wave crashed over the market this past session with disappointing growth data for China, Europe and the US; a painful Spanish bond auction; and a round of downgrades for top banks from Moody's among other things. Without the buffer to negative event risk, disappointment easily infected the S&P 500, high yield currencies and fundamentally-troubled European assets (S&P 500, AUDUSD and EURUSD). Is this just a burst of volatility or a trend shift? We discuss that and a number of well-positioned pairs in today's video.

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

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