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U.S. FED Statement Special Report
Wed, May 9 2007, 18:37 GMT
by John Putman II
The Federal Reserve keeps rates at 5.25%
The FOMC Policy statement came in as expected with no change to the rates: Inflation remained the dominate concern in the wording with notations on elevated core inflation, moderately expanding economy and inflationary pressure due to heightened resource use.
This data should keep the dollar propped through the balance of the day, but how far it goes and how long it persists is the question: Initial reaction to the data is often severe but the release also displays worse than normal follow through making this a relatively tricky news event to trade for both the intraday trader and the swing trader. Market timing is critical when trading this event.
The initial reaction thus far has been muted in the majors as the wording is in line with the previous statement.
Look for volatility to stay within Daily ATR levels through the balance of the day and for the majors to stay within ranges established in the last 48hrs: in most cases long term support and resistance should hold.
Published on Wed, May 9 2007, 18:39 GMT
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