EUR/USD tumbling to two week lows
Yesterday the FED did what the FED does best, raised the hopes up then knocked them down. The forex market wasn´t expecting an interest rate hike in this meeting but it was surely expecting the FED to be more hawkish, given the recent improvement in the global economy and the US economy. They were also expecting to see some hints here and there for a July rate hike, but they got nothing. The FOMC statement was overly cautious as always and the negative aspects such as the Brexit referendum and the slowdown in the employment sector were highlighted.
EUR/USD is down 130 pips so far
To be honest, I totally expected that because the FED hasn´t shown a backbone since Yellen became chairwoman, not that I think that women lack strength, it´s quite the contrary. IMF president Lagarde for example is a good example of how strong a leader and decisive women can be. Anyway, the market was hoping for more I guess and EUR/USD jumped up 50 pips holding on to those gains until this morning. But in the last few hours, this pair has declined more than 100 pips. The forex market must have come to its senses and realised that the Euro and the Pound are the worst bets at the moment until the Brexit referendum. At least our EUR/USD sell forex signal went well today.
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