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Good morning my friends, welcome back! I will be starting rate LIVE! COVERAGE right on Fxstreet.com home page in a few minutes of both rates decisions. See you there!
As usual lately, I will be covering both rate decision live! at Fxstreet.com home page.
See you there!
The Federal Reserve has slashed the funds rate not just with a 0.75 basis points but in fact to a range between 0.00% and 0.25% to combat recession, starting a new phase for economic policy, keeping rates “exceptionally low” and with lending programs financed by the Fed’s ballooning balance sheet. Also called quantitative easing, Bernanke said that with such low rates, a new weapon is needed to ensure growth and there it is the provision of liquidity. In the meanwhile majors rose against greenback and become closer to probable break levels, (except by GBP that by the way, gave the expected 100 pips rally). Tomorrow I will add longer term charts view, to see if we can decide whether this is a correction, or a renewed dollar bearish rally.
See you then!
Stocks has just open higher, on hopes of another rate cut later today, by the FED; however European currencies seem a bit exhausted to the upside at the moment, and unable to break higher with speed, not yet giving up enough ground to consider a correction: Euro probably under 1.3700 could start one, Chf above 1.1530 and GBP under 1.5300. As long as they remain in these levels, chances remain bigger for a new upleg against dollar