All eyes were on the US dollar in the London forex session, following the decision by the FED to raise interest rates another notch, which came as no surprise to the market. Of more importance was the slight change in tone in the associated statement, with the general view of the markets and analsysts, that the central bank was simply playing the rule book, and not taking account of conditions which are clear for all to see. Once again, the FED had boxed itself in a corner for the final meeting of 2018, paying little attention to economic facts, as they continued to remain obsessed with the dot plot.
It was no surprise therefore to see the US dollar weak as London opened, with some strong moves across the majors, and in particular on the EUR/USD which delivered in spades with some excellent volume price analysis lessons, and just as important, valuable trading lessons too.
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