Started by analysis.hotforex.com, forexegitimkitabi.com, binaryoptiontrader.info, Feb 04, 2023, 11:21 am
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Stocks surged, Yields dove sharply, and the US Dollar slumped on Wednesday and they are holding their gains/losses so far today as well. The FOMC delivered the 25bp rate hike as expected, reaching 4.75%, an eighth straight hike. The moderation & the lack of anything new or overly hawkish from Powell's comments and his acknowledgement of progress in the fight against inflation opened the door for bulls and a healthy short covering rally, even though he stressed that the labor market remains "extremely tight" and that inflation remains "well above our longer-run goal."
Markets remain convinced that the widely expected recession is likely to roil markets once again sometime this year.
The policy statement and Chair Powell’s press conference reiterated that “ongoing increases in the target range will be appropriate,” that rates need to be “restrictive for some time,” that it is too soon to declare victory, and that rate cuts are not in the outlook.
Today – ECB seen raising rates by 50 basis points & BoE set to lift rates to 14-year high, might hint at next moves. Earnings: Apple, Amazon, Alphabet, Eli Lilly, Roche Holdings, Shell, Qualcomm etc.
Biggest FX Mover @ (07:30 GMT) XAGUSD (+2.59%). Bounced to R1 at 24.27. MAs flattened, MACD histogram & signal remain well above 0, RSI 63 but flat suggesting consolidation. H1 ATR 0.15, Daily ATR 0.65.
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