Mar 16


  • BY: Donal Kelly
  • March, 16th, 2016 19:01 +00:00

Good evening,

US indices rose after FED Yellen said that US GDP could have slowed since December. Also she stated that the risk of global outlook could reduce the path of a rate rise. Rates were kept unchanged and commodities are going up, with Crude Oil up 6% and Gold gaining nearly 2%.

In the FX market the US dollar is the loser of the day: the Greenback is down 111 pips against the Euro at 1.1219 (+0.99%). NzdUsd is up 116 pips at 0.6714 (+1.76%) and UsdCad is trading at 1.3117 (-1.78%). Commodity currencies surged and profit taking on long position may occur soon given the intermediate framework of instability with possible spike of volatility.

Tomorrow will be a busy day for traders as BoJ Kuroda will hold a speech at 06:30 GMT and then the Swiss National Bank will decide the interest rate level at 08:30 GMT. At 12:00 will be the turn of the Bank of England and the British Pound is one of the most volatile currency given the recent news flow: a new tax corporate rate for business, the Brexit referendum and a possible rate cut that may happen tomorrow.

(19:00 GMT).