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With the markets fully focused on the outcome of the FOMC tonight, it may be best to avoid looking at assets which will be directly impacted by the Fed’s decision. In this regard, one currency pair that has caught my eye is the AUD/CAD, which could be on the verge
Following the failure to sustain horizontal line resistance level breakout on daily chart, near 1.1340, the USCAD continued drifting lower and seems forming descending trend channel on H4 chart. The pair is currently expected to test support line of the channel, near 1.1140, breaking which the horizontal line support near
The day that investors around the world have been waiting for since the start of the week is finally upon us and the Federal Reserve will be making their monetary policy decision a little later this afternoon. Overwhelming expectations expect the Fed to taper away the final $15 billion from
I have been banging on about the importance of the psychological $80 mark on WTI for a number of weeks now. The fact that the sellers have been unable to commit themselves below that level suggests prices may have formed a near-term bottom. As can be seen on the 4-hour
USDCAD With USDCAD declining strongly on Tuesday and following through lower on during Wednesday trading session, further weakness is envisaged. On the downside, support lies at the 1.1100 level followed by the 1.1050 level where a reversal of roles as support is envisaged. Further out, resistance resides at the
Yesterday's low finally came in at the top end of the 0.9421-44 critical support area from where price shot higher. The 0.9449-51 area should cap for a correction and I suspect to the 0.9488-20 area but allow for 0.9479. From there we should see gains back above 0.9551 and to
Throughout most of September the Australia 200 Index declined strongly from its multi-year high after running into resistance around 5650 back to enter its previously established trading range between 5400 and 5500, before falling further below 5200 and to an eight month low around 5120 a couple of weeks ago.
In the last 12 hours or so the Australian dollar has fallen sharply back down through the resistance level at 0.88 after reaching a two week high just above 0.89. During the last month the Australian dollar has done well to stop the bleeding and trade within a wide range
The Euro and Pound could see accelration on the downside on breaks below 1.2565 and 1.5900 respectively, targeting 1.2500 and 1.5800 in the near term. Dollar-Yen looks set to rise towards 110 and possibly higher.
THE EURO closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this summer's decline, monthly support crossing
So Fed is a little more hawkish than expected. Why is that surprising? The US economy is not in the pink of health but the time for QE let alone zero interest rates is ending. With no press conference after the FOMC meeting scheduled there was little chance that the
The North American trading session was pretty copacetic to start, but got much more interesting as the day wore on specifically due to the elephant in the room named the Federal Reserve. While most investors and pundits had a general idea what the Fed would be doing today, the brevity
The Reserve Bank of New Zealand completely dropped its tightening bias at today's monetary policy meeting. The bank noted that a period of assessment remains appropriate before considering further policy adjustment, dropping a line from September's statement that stated that further tightening was expected and necessary to keep future average
Today, the Federal Open Market Committee (FOMC) met expectations and announced the end of its asset purchase program. The Fed will continue to reinvest principal payments from its current holdings of agency debt, agency mortgage-backed securities (MBS), and US Treasuries that, given the large size of the Fed's portfolio, it
Bottom line: as hawkish a statement as it could have been given current circumstances. We yesterday moved our expectation of the first rate hike from April next year to June based on the decline in inflation. However, this is still earlier than the market is pricing (around October/November) and a
A slightly less dovish tone from the FED saw the USD bulls firmly back in control across the board. On the plus side: Economic activity expanding at a moderate pace, Labor market conditions improved somewhat further, Labor market indicators suggests underutilization of labor resources is gradually diminishing
Rates remain on hold as expected, however take note of the removal of the phrase 'we expect some further policy tightening will be necessary' to signal rate hikes may be pushed back.
Going forward there is a significant challenge to decision makers. Although not completely market-determined, interest rates at the intermediate and long end of the Treasury curve will be less subject to Fed policy control than at the short end of the curve. This will open the door to more open-market
U.S. Federal Reserve's Federal Open Market Committee (FOMC) meeting concluded today with the release of its rate statement. There was little surprise in the document as the Fed announced it will end its quantitative easing (QE) program at the end of October. The interest rate was held at the 0.0%
As widely anticipated, today's Fed decision marked the end of QE3 with the final $15B taper. Even though the Fed retained the "considerable time" language, the statement was deemed increasingly less dovish, as it noted further improvement in labor market conditions and diminishing underutilization of labor resources. Kocherlakota was the
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