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Forex Flash: FOMC decision unlikely to lead to much reaction - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts believe that the FOMC decision is unlikely to lead to much reaction.

They feel that it won't alter its $85 bln a month purchases of long-term assets, but instead, the focus is on what the Fed says, and in particular, its economic assessment. They write, “It may recognize the recovery seen in Q1 after the economy practically stagnated in Q4 12. However, the recent string of data has been particularly poor, suggesting a sharp slowdown may be at hand. The Fed's characterization of the labor market is also important. Although the FOMC most likely does not have access to Friday's employment report, it may note that the improvement earlier this year is slowing or even stalling.”

Forex: USD/CHF falls to 0.9250 as US data gets published

The 0.9300 handle gave in to downside pressure during the European morning and breached below the psychological level. The market is extending the fall on the publication of the US ADP report, reaching as low as 0.9248 but being able to find support at 0.9250.
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Forex: USD/CAD erases losses back to 1.0070 ahead of NY opening

From 1.0050 low by the end of the European morning, the USD/CAD pulled back and fully retraced its losses to 1.0070 on the back of weaker US employment figures than expected in April, as well as a revision lower in March. The US ADP report is a valuable indicator ahead of Friday’s NFP report.
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