Pick of the Day: FOMC Meeting

We saw a rebound today in ISM Manufacturing Index when it came in at a surprising 51.4 versus the consensus of 50.0, showing slight growth in December from November. Also, the ISM manufacturing prices paid came in at 47.5 versus the consensus of 54.0 – this reflects slower demand and a let-up in raw material pressures.

The market’s bullish dollar sentiment was right as it immediately got a boost, but we are seeing a stall right now as we still have one more economic event to go today with the FOMC Meeting Minutes at 2:00 pm EST. We will hopefully get some insight on the Fed’s current thoughts on the US economy.

Since a substantial move has already been made and price action subdued at the moment, there will be no trade. I may come up with an idea before the Minutes release, so say tuned or check your emails around that time!

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!

2 comments

  1. pinetree

    I found it quite difficult to find an entry point as the dollar climbed — and also to catch a retracement was not good either– so I stayed on the sidelines. For the FOMC minutes, it seems the markets are usually more quiet around 2:00pm–so I question if there can be any real movement –but look forward to your analysis.

    Reply
  2. pinetree

    I found it quite difficult to find an entry point as the dollar climbed — and also to catch a retracement was not good either– so I stayed on the sidelines. For the FOMC minutes, it seems the markets are usually more quiet around 2:00pm–so I question if there can be any real movement –but look forward to your analysis.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>