News Alert – Fed Chair Yellen Testimony Released 90 Minutes Early
Arslan Butt • 1 min read
The Fed Chair Yellen's testimony was supposed to hit the wires at 14:00 (GMT), but surprisingly it occurred 90 minutes earlier at 12:30 (GMT). We can feel the heat in the market.
- Gold is up by 93 points, trading at $1224. We were really lucky, as the price reversed right after hitting our short position's take profit at $1215.
- Global stocks are heavily bullish but the move higher was too abrupt for us to catch long entries with good risk-to-reward ratios. Now the market is already near its highs and there is no point in taking the risk by chasing after the price. So, let's stay out of the market and wait for better levels to enter at.
What's Next On The Table?
Just in one hour at 14:00 (GMT) the Bank of Canada is about the release their interest decision. The Loonie has recently been bullish and it may strengthen even more, depending on what happens at the BOC's meeting in a few minutes' time.
What Happens If the BOC Leaves Their Interest Rate Unchanged?
Traders, the point of concern isn't about what happens if the BOC increases their rate, but rather, what may happen if they don't. The odds of experiencing reversals in the market are high. An interest rate hike is largely 'priced in' by the market and the Canadian dollar is rising as I speak. So, let's buckle up to ride the volatility. Good Luck!