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USD Price Action Post-FOMC

USD Price Action Post-FOMC

James Stanley, Senior Strategist

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Talking Points:

- In this webinar, we used price action to look at markets’ reaction to yesterday’s FOMC announcement. We host a price action webinar each Thursday at 2pm ET, and if you’d like to register, you can do so with the following link: Register for Price Action Webinar hosted each Thursday at 2pm ET.

- Yesterday’s FOMC statement saw the Fed make a slightly-hawkish addition to the statement by inserting the phrase ‘near term risks to the economic outlook have diminished.’ And while this created a quick burst of USD-strength, the move was quickly faded-out of markets as investors ramped up the expectation that the Fed would do what they’ve been known for doing of recent (staying passive).

- Yesterday’s FOMC statement had quite a few similarities to April’s meeting, in which the Fed had removed a key phrase from that statement to provide a ‘less dovish’ view to markets. And while this failed to spur USD-strength immediately, support was set three days later and the Dollar rallied throughout the month of May as the Fed continued to talk up the prospect of a rate hike in June.

- So, while the near-term reaction in the USD has been one of weakness, the prospect of eventual USD strength under the presumption of a more-hawkish Fed is certainly not out of the realms of possibility. We looked at a potential setup for long-USD exposure against the Swiss Franc, and after having a target wicked by a single pip yesterday, I went through a couple of different ways to look at re-entering the move.

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

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