USD Weaker After Fed
It came as expected: The Federal Reserve left interest rates unchanged but kept the door open to further tightening if needed to curb inflation. However, Chair Jerome Powell failed to steer market pricing toward another hike (hawkish scenario), a sign that the tightening cycle may have already ended. With the absence of a more aggressive hawkish stance, the U.S. dollar weakened in the aftermath of the FOMC decision.
Attention will now be on the U.S. labor market report tomorrow.
Our yesterday’s short signal in the EUR/USD at 1.0565 has proved to be very profitable with two entries and a take profit of 40 pips each trade.
Sterling traders will shift their focus today to the Bank of England rate decision at 12:00 UTC. The BoE is expected to keep rates unchanged as price pressures ease somewhat. We see a next resistance at around 1.2230 in the GBP/USD. Attention should be paid to breakouts above 1.23 with a higher target seen at 1.24 or, on the other side, below 1.2070.
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Our trading ideas for today 2/11/23:
GBP/USD
Long @ 1.2210
Short @ 1.2140
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
We wish you good trades!
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