Fed delays Rate Hike – No appetite for U.S. dollars

Dear Traders,

The Federal Reserve delayed its rate hike and left interest rates unchanged. Reasons for the Fed’s decision were recent global economic and financial developments which may put further downward pressure on inflation in the near term. Nevertheless, the committee’s outlook has not changed and they repeated to raise rates when they see further improvement in the labor market and stronger inflation.

The question of whether the Fed’s move was right or wrong continues to be controversial.

Those who have hoped for a rate hike were disappointed and sold U.S. dollar as an initial reaction to the decision. We went long and gained a nice profit of 100 pips in the EUR/USD and 91 pips in the GBP/USD. So all in all a profitable trading day even though we had to record some losing trades during the day, but with the right risk-management these losses have been less serious.

There are no important economic reports scheduled for release today. It could therefore be a quiet trading day.

We wish you a beautiful weekend!

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