Dean lays it on the line this morning with his views on the FOMC Meeting this evening. Suggests that there will be no hike tonight but the language will suggest that we WILL get a hike in December.
A quiet day on most of the majors with only the GBPUSD moving over 100 pips lower. The currency pair is only a few pips off the Brexit lows and key support levels. The Rand has had another great day and looking strong against the USD and GBP.
A day closer to the big decision from the Fed and the Forex Markets are understandably quiet this morning. Forex traders will be positioning themselves or lightening their exposure depending on how brave they are feeling. May see liquidity dry up this afternoon and the ranges become tighter!
Dean’s review of the market this morning suggested we may have a quiet few days leading into the FOMC meeting on Wednesday. Forex traders are often careful ahead of these big announcements and tend to lighten positions so they are not caught off guard by a surprise rate decision.
We took the opportunity to Interview Nick Sproule, CEO & Co-Founder at BlackStone Futures (PTY) LTD. BSF (BlackStone Futures) is a Forex Brokerage Firm located in Sandton, Johannesburg, South Africa.
Dean had a good week and will be hoping for more of the same. Some big event risk in the form of the FOMC meeting on Wednesday which can move the Forex Markets considerably. Especially if there are any surprises.
Another week and yet another flight to the dollar. Despite dovish comments from Fed Brainard and weaker data on Thursday that gave the major Forex Pairs a fighting chance during the week, it was stronger inflation data yesterday that gave the dollar further impetus to get back on the front foot.
A solid day yesterday with a number of the Forex Pairs we were looking at reacting as expected. The forex market was a bit choppy over the US numbers but quickly settled back into a tight range. A poor Retail Sales number balanced by a solid Philly Fed number kept traders on the sidelines.
We mentioned in Dean’s morning Forex report that there was potential market-moving data being released this afternoon in the form of Retail Sales and Jobless claims from the US.
Dean is focused on opportunities in the GBPUSD, AUDUSD and the USDCAD today. There is a lots of economic news flow out this afternoon with Retail Sales and Unemployment Data so could be a great opportunity to look for setups in the FX market.