The markets appear to be in a bit of a lull, according to Dean, and he can’t wait for after Labour Day (5th September 2016) when everyone should be back from their summer holidays. This is when the Forex markets and equities should find a bit more direction for the end of the year.
Month: August 2016
The theme for yesterday’s trading was to see where the markets were going to move post Yellen’s comments after the Jackson Hole meeting. We saw broad strength from the dollar across all major pairs after she left the possibility of a rate hike in September on the table.
The USDZAR aside, it seemed as though the market was eagerly awaiting the Yellen Speech at Jackson Hole. Would she put a potential September rate hike back on the table? Would she confirm market expectation that December would be the soonest?
The Jackson Hole meeting is hanging over the market where the Fed Chairman, Janet Yellen, will be making a speech this evening. The annual meeting gathers together the world’s leading central bankers, finance ministers and academics to discuss policy and world economic issues.
When it comes to anything in life we are all guilty of being impatient. This is part of our human nature. Patience is a Virtue that not only comes in handy during your daily lifestyle but in Forex Trading too.
Dean has really shown some commitment to all the Forex traders out there by doing his market commentary from a hospital bed … a dose of pneumonia has put him on his back for a day or two. Thanks Dean!
What a great day for Dean Yesterday. Dean was leaning against the dollar after a very aggressive rally on Friday, was spot on. Most of the currencies paired against the USD got back some of the losses taken on Friday and we are back at some interesting levels.
The USD got a big “bid” on Friday afternoon and we saw it rally against most other currencies. This action has continued into this morning and Dean examines some of the reasons and where he expects the Forex markets to move this week.
For the most part, the trading day turned out largely as expected. We saw a recovery in the USD against most of the commodity currencies we covered yesterday. Open up the video and see where Dean sees opportunities today and how he plans to trade before the weekend.
The FOMC meeting last night provided no clarity on when the Fed might raise rates in the US. The comments from Dudley the previous day were quickly ignored and most Forex Pairs made up some of the ground against the dollar.