The dollar’s wide ranging day on October 22nd has created support at 77.09 and resistance at 78.20. The past two days have been trading within the range creating an inside day. This also is setting up as the October 31st FOMC meeting is looming. The Fed Fund futures reflect an 85-plus percent likelihood of a rate cut but this is far from a guarantee. There is ofcourse the chance that the Fed could delay any moves until the December meeting. Keep in mind that a rate cut would weaken an already weak dollar. However a potential rate cut has already been discou[...]
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[Source: The Money Blogs]
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