Trading Outlook – Neutral
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Originally updated: 07:30
Trading Bias: Neutral
Currency pair: None
Current Sentiment: None
In today’s trading session we will be awaiting key economic data to provide an opportunity to get into the market.
Fundamentals:
The Fed drop patient phrase in rate guidance was but overall tone was interpreted as much more dovish than expected. They see slower and more gradual rate hikes in the future, adding they wish to see gains in inflation and jobs before lifting rates.
This saw EUR/USD rally over 400 pips and USD/JPY down 200 pips, however the USD has since pared around half of the initial gains.
Technicals:
At this stage of the session, with limited news flow to present a reason to get into the markets I will be waiting for pairs to approach key levels of support/resistance and trade the overall trend in line with the fundamentals – this will of course be in conjunction with any news flow we have that provides the market with fresh sentiment and a reason to start getting involved in the market.
Other Market Moving News:
The NZD gained following the modestly better than expected GDP data, it however failed to sustain gains.
On today’s calendar we have; Swiss Rate & Monetary policy assessment / SNB press conference, European Targeted Long Term Refinancing Operation, US Unemployment Claims and US Philly Fed Manufacturing Index.
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