There was little consistency in the performance of the U.S. dollar following the FOMC meeting. As expected, there was no policy change, so the market is now pricing in a nearly 100 percent chance of a next rate hike in March. The greenback ended the trading day virtually unchanged against the euro and British pound.
As recommended for subscribers, we did not trade yesterday since we secured our monthly profits. Thus, we did not lose any pips of our monthly performance.
EUR/USD: The pair traded recently sideways between 1.2475 and 1.2385. For euro bulls we recommend waiting for a sustained break above 1.25 in order to participate in the euro’s uptrend. If the euro, however, falls back below 1.24 we may get a retest of 1.2350/30.
GBP/USD: The cable traded with a tailwind and climbed above 1.42. That break was however not sustained, at least until now. If the pound takes out the 1.4235-barrier we may see a run for 1.4285. Sterling bears might wait for a sustained break below 1.41.
Interesting economic reports today:
9:30 UK PMI Manufacturing
15:00 USA ISM Manufacturing
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