Our downside target of 90 has now been met. There is not too much bang for the Buck via the FOMC as a knee-jerk rebound on initial hawkish market perceptions quickly faded and reversed in wake of Fed chair Powell’s more dovish/cautious press conference reiterating high uncertainty over the near term economic outlook and repeating that accommodative policy will remain in place until substantial progress towards inflation and employment goals is seen. In short, no rate normalisation for some time even though a couple of dot plots pencil in hikes in 2023, while QE may yet be expanded/extended, and any tapering will be flagged well in advance to avoid another tantrum. Hence, plenty to counter disappointment over no shift in the WAM towards the longer end of the curve and the Greenback has subsequently fallen further, with the index struggling to keep sight of the 90.000 handle between 90.282-89.879 parameters amidst all round losses ahead of a raft of US data.
@abel11, Thanks for the comment, I hope you are having a good week!
Fisher_Fx
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Ye man, bearish momentum still strong
FTUKcom
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@Fisher_Fx, Agreed brother, I see it has pulled price down within the descending range on your USDCAD idea.
SmileR2020
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@Forex-Traders-Uk, could easily hit 85.....Nice overview of things above..
FTUKcom
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@SmileR2020, Yeah I agree, if so... that put things into perspective on how high EUR/USD could come for example...
SmileR2020
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@Forex-Traders-Uk, yes Euro seems the safest currency at the moment....who would have thought.....I more look at US dollar dropping and the effect it is going to have on pushing up the gold price...I don't like trading currencies but always watch them in relation to metal trades especially gold...your into gold too so your making money both ways at present..😁..All time highs are not out of the question for gold in the next two months seeing as everything else from indices to bitcoin are reaching all time highs.
FTUKcom
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@SmileR2020, I agree with it all, lots of big moves instore for the final days of this year. What's your main instruments to trade?
SmileR2020
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@Forex-Traders-Uk, Gold, platinum, silver, palladium...agricultural commodities ....natural gas once a year for a seasonal trade...that is mainly it...I am always on the look out for trades so never rule out anything but I prefer to research and focus and not have my mind all over the place on too many trades..keep it simple like......what about yourself....what are your main trades
FTUKcom
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@SmileR2020, amazing. I know a few traders who focus purely on commodities. Did you get involved with the oil saga last year??! I have mainly studied these past years on the major currency pairs. And a few stocks. I also have a crypto portfolio.