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1 May 2013

Forex: GBP/USD pierced 1.5600 after Fed decision

FXstreet.com (Barcelona) - The sterling is picking up pace after the FOMC statement on Wednesday, climbing to the vicinity of 1.5610 although retreating soon after to the current region of 1.5585/90.

“The Federal Reserve delivered as expected. Its economic assessment was little changed, not being swayed one way or the other by most of the high frequency data… Choppy price action was seen in the immediate aftermath, but net-net, the market is looking beyond the steady-as-she-goes Fed and toward tomorrow's ECB meeting and Friday's US employment report”, assessed Marc Chandler, Analyst at BBH.

As of writing, the pair is advancing 0.33% at 1.5584 with the immediate resistance at 1.5606 (50% of Jan-mar decline) followed by 1.5690 (high Feb.13) and then 1.5810 (high Feb.11).
On the flip side, a breach of 1.5528 (hourly low May 1) would then target 1.5476 (low Apr.29) and finally 1.5418 (low Apr.26).

May 1, 2013

Fed keeps policy unchanged; says it could increase or reduce bond buying

The Federal Reserve decided to keep the rate for federal funds at a record low range of 0-0.25% to support the economic recovery. The Committee also voted to maintain the Fed's assts purchases at $85 billion per month and signaled it is prepared to either "increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes".

Forex: USD/CHF trims losses after Fed

The US dollar strengthened against the franc after the Fed announced its decision to keep monetary policy unchanged, but it quickly retreated to pre-FOMC levels following the knee-jerk reaction.