The big day has arrived with the results of the Federal Reserve meeting and the subsequent press conference. What does…
Tuesday saw the beginning of a 2-day Fed meeting which can sometimes lead to a lull in market activity as…
On the FX front all eyes were on US Retail Sales data which came in strong at +0.5% and a slight upward revision to April’s number also.
The FX markets began quietly with the USD having a mixed day. While pushing minor gains against EUR and GBP, the ‘greenback’ weakened against the Japanese Yen dropping back to down to 108.20 at one point as equity markets gave back most of their earlier gains.
All in all, a good day for the USD while equity markets in Europe and the US edge lower by between 0.2% and 0.5%.
Crypto saw BTC remain below $8,000 but still supported on dips. ETH traded up to $248 before dropping back to $237 and then back to $246. A familiar story of a failed attempt higher but a dip being quickly bought up.
After the moves in crypto over the weekend and the action in FX post-NFP data on Friday, you would have thought Monday would bring some follow through. But you would be wrong.