The dollar traded sideways versus majors ahead of the release of the FOMC Statement today at 2:00 pm EST. Markets are expecting an immediate 25 basis points cut and guidance of at least 2 or 3 more cuts near term, as well as a dovish forward outlook. The Fed is under pressure not only to comply with global markets expectation but is under pressure from US President Trump to move fast and aggressive in lowering the interest rates. EU equity markets traded sharply lower yesterday after US President Trump harsh rhetoric on Twitter regarding the US China trade agreement. US markets traded lower from all-time highs, trading a narrow range session ahead of the Fed today. Metals traded mostly higher on a flat dollar and Oil prices took a north path this week, up 3 days in a row ahead of the Inventories numbers today after a survey showed lower than expected inventories levels. Oil prices closed at $58.34 per barrel yesterday.
US ADP Non-Farm Employment Change at 1:15 pm, CAD GDP at 1:30 pm, Oil Inventories at 2:30 pm and the FOMC Statement and ongoing Press Conference at 6:00 pm are the important news on the agenda Wednesday. (all times GMT).
| Global Markets 24 hours wrap-up | ||||||
|---|---|---|---|---|---|---|
| Market | GBPUSD | USDJPY | EURJPY | EURUSD | GOLD | OIL |
| 31.7.19 | -0.48% | -0.15% | -0.12% | 0.22% | 0.56% | 0.65% |
| USDMXN | USDCHF | AUDUSD | AUDJPY | USDCAD | Silver | Nat Gas |
| 0.12% | -0.21% | -0.28% | -0.31% | -0.15% | 0.7% | 0.19% |
| Dollar Index | DAX | FTSE100 | CAC40 | EURSXX50 | NIKKEI225 | CSI300 |
| 0.05% | -2.18% | -0.52% | -1.61 | -1.72% | -0.81% | -0.61% |
| 1 YEAR | -5.14% | -1.32% | 0% | -1.78% | -4.52% | 9.36% |
| Swing report | ||||||
|---|---|---|---|---|---|---|
| TRADE | ENTRY PRICE | POSITION | OPEN PROFIT | DATE TRIGGERED | STOP LOSS | UPDATES |
| USDCAD | 3120 | 0.8 | 160 | 23/7 | 3095 | stopped out |
| GBPUSD | 2162 | 0.8 | -20 | 19/7 | 2140 | new position |
| DAX | 12133 | 3 | 50 | 31/7 | 12180 | new position |
| SILVER | 16.43 | 1500 | 120 | 30/7 | 16.28 | |
| OPEN PROFIT | $150 | |||||
DAX “BEAR FLAG” short trade, entry at 12,133 stop loss at 12,180
GBPUSD “BOTTOM FISHING” long trade, the sterling at 30-month lows ahead of the FOMC is a low risky long trade.
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