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Historic FOMC Decision - and Annoucement - US Dollar Down Against the Majors
Above - the USD-CAD 4 Hour Chart (click to enlarge) shows continuing weakness. Supporting Trend lines posted yesterday held quite well under the strain of the FOMC Announcement
Attendees of my webinar were treated to a nice display of volatility and fundamentals
Thoughts from today’s FOMC announcement and observations to ponder
Unusual Delay and Accompanying Text
Traders used to receiving FOMC announcements promptly at 2:15 on the dot were treated to a slight delay waiting until 2:21 for the much anticipated announcement – and the accompanying text – which proved to be worth the wait!
Not wanting to be left out of the spotlight - Treasury Secretary Paulson was interviewed by Maria after the bell on CNBC and carefully stammered through his responses stated, “I am expecting no “major” institutional failure in the future. “
I have a new respect for Hank as the printed statement is quite nebulous but sounded great! He has come far as a politician and public statesman!
The Fed said – It would be a buyer of Mortgage Backed Securities
Gold responded by edging up over $850
DOW Rallied Over 400 points - closing up 370
Trichet stated earlier in the day that they do not need to keep pace with other central banks.
The Fed stated that it “will employ all available tools” – to return to “the normal functioning” of the markets. they will buy mortgages and perhaps even more speculating consumer finance.
The “1st on Forex” Week Ahead Condensed Economic Calendar- Click Here
Jerry Furst is an active trader, educator, and Founder of Investors Education Network (IEN), He is a Mentor and Trading Coach to Select Clients Click Here for a Free Self Evaluation Survey.