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Watching Paint Dry – Continuing Consolidation?
EUR-USD 30 Min Chart (click to Enlarge) – 3 days of tight consolidation, and continuing!
Interest Rate and Trichet Watch
As the Dollar Index slides to fresh lows, the Pound and the Euro have been painting a sideways market ahead of the BoE and ECB announcements tomorrow. Jean Claud Trichet will have his press conference as the US releases Weekly Jobless Claims, and then the Non Farm Payroll on Friday.
It is being hypothesized that the FOMC will allow the Treasury purchase programs to expire in September, and the $1.23 Trillion of mortgage backed securities and other programs may be left to expire at the end of the year – so reports Bloomberg’s Steve Mathews, quoting Laurence Meyer of Macroeconomic Advisers.
The FOMC interest rate announcement on Wed August 12 and I will be conducting a Live Webinar on FX Street – Click Below to register – Free!
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FOMC Interest Rate Announcement – Aug 12 17:30 GMT (1:30pm EDT) 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.