Today at 2:15 PM EST, the Fed decided to do...nothing! The US Interest Rate will stand at 5.25%, but apparently the language decided that they will remove their tightening bias. The markets exploded, from forex to US equities to the futures markets.
I was stalking the GBPUSD but it did not trigger the automated entry system I use from Forex Master Maker. After a few moments, it exploded with a dollar selloff reaching 80 pips in about 10 minutes. The EURUSD moved about 60 pips.
The QQQQ and AAPL moved an incredible amount also within 45 minutes of the report.
Months of tension regarding the possibility of a rate hike were released today. The bulls are back!
Wednesday, March 21, 2007
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