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Crypto

Dollar Slips After FOMC, What’s Next?


Opposed to Powell’s last speech, his speech today was without a doubt dovish in tone. This had caused the Dollar to go from consolidating to being down -0.50% for the day.

Although the interest rate will stay at <0.25% as it has been for the past year, the Federal Reserve's worries for the economy continue to grow. Powell noted that the economy needed a “substantial amount of progress” to hit its 2% inflation target. Employment numbers also need to improve before the Fed starts pulling back on bond purchases.

After spending the last few days in a consolidation, the Dollar has a chosen direction. Traders can now comfortably explore shorts for the Dollar and long for majors like EURUSD and GBPUSD. It would be best for traders to wait for the price to clear respective lower highs on the majors, before jumping into longs.

Today’s news has provided traders with the volatility they were seeking. Powell’s comments may also be attributed to a looming lockdown as cases climb once again in the United States. In turn, further Dollar weakness in the coming quarter may also be a theme.

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Moris Akline
About author

Speculative operations in the foreign exchange and stock market. Work with futures and indices on CME. Work on FORTS and RTS. Development of portfolios and investment strategies for clients. Knowledge of technical (price charts of various types, indicators and oscillators, trends, channels, support / resistance levels) and fundamental analysis, take note of news. I work according to my trading strategy in compliance with the rules of capital management and risk management. Development of trust management strategies. Technique of order execution, placing and changing protective stop-losses, hedging.
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