Tags Posts tagged with "Forecasts"

Forecasts

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After the Fed’s decision to hold firm on interest rates. The dollar was up against all major counterparts including the euro, the yen and the British pound.

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The Fed leaned on the side of caution today and kept its target overnight interest rates on hold. This FOMC meeting was the first in nearly a decade in which the decision was finely balanced.

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GBP/USD was testing the middle of the 1.55 price range as traders became more confident that the Fed would not decide to lift interest rates at this meeting. GBP/JPY also moved higher to 187 as sterling extending a two week long rally.

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Fed fund futures were implying a 23 percent chance of a rate increase at tomorrow’s meeting. This marks a fall of 2 percent since yesterday. Polls carried out by Reuters and CNBC showed economists are evenly split over whether the Fed will opt to begin raising rates during this meeting or wait.

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GBP/USD rallied over 1.55 in early trade after some of robust earnings and wage data. Average UK earnings came in with a 2.9 percent gain in July over the prior three months.

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Despite disappoiting retail sales numbers the dollar was trading higher across most pairs on Tuesday as traders started to increase bets that the Federal Reserve might opt to begin raising rates this meeting. Yields on longer data US treasuries increased.

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EUR/USD tacked lower for a second day reaching as low as 1.1257. Traders were selling into rallies which drained EUR/USD of any upward momentum for much of the day. EUR/USD continued its descent which began yesterday and was meeting support at 1.1281 and 1.1257.

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Disappointing data on Chinese industrial output reignited concerns over the world’s second biggest economy. A brief rally in metals and commodities went into reverse Monday...

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The US dollar was locked in directionless trade on Monday ahead of a crucial meeting of the Federal Reserve. This week’s two-day Fed meeting is the first one in nine years in which markets see a realistic chance that interest rates could actually be raised.

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EUR/USD was testing resistance around the 1.13 area. EUR/USD found a floor around 1.1082 earlier in the week and has been rising steadily for the past four days.