US interest rates rise 0.25% to 3%
The US Dollar slipped against most major currencies after the FED announced an increase in the interest rates by 25 basis points to 3%.
The US currency took the beating on the Fed's clarification that long-term inflation is well contained. Traders who had been expecting more hawkish comments- quickly reversed their positions resulting in a broad Dollar decline.
However, positive US factory orders data was largely ignored by the markets. The US Factory orders rose by 0.1% in March against a decline of 0.5% in February.
Outlook for the day
EUR/USD - Euro rebounded smartly and broke 1.2900. It is now expected to further move up and test the resistance at 1.3000. Expected range today is 1.2900-1.3025.
GBP/USD - GBP too is expected to move higher in 1.8980-1.9100 range.
USD/JPY - USD/Yen again pierced its way below 105.00. The pair is expected to trade in 104.00-105.50 range.
The US currency took the beating on the Fed's clarification that long-term inflation is well contained. Traders who had been expecting more hawkish comments- quickly reversed their positions resulting in a broad Dollar decline.
However, positive US factory orders data was largely ignored by the markets. The US Factory orders rose by 0.1% in March against a decline of 0.5% in February.
Outlook for the day
EUR/USD - Euro rebounded smartly and broke 1.2900. It is now expected to further move up and test the resistance at 1.3000. Expected range today is 1.2900-1.3025.
GBP/USD - GBP too is expected to move higher in 1.8980-1.9100 range.
USD/JPY - USD/Yen again pierced its way below 105.00. The pair is expected to trade in 104.00-105.50 range.
posted by Drs Search @ 3:23 PM
0 Comments:
Post a Comment
Links to this post:
Create a Link
<< Home