FOMC on hold waiting for a clearer picture

Jim Devonport

Compass Global Markets

AUDUSD: Unable to break recent highs during our day as we waited for the FOMC. Their decision to keep interest rates on hold, whilst they wait for a global economic improvement sparked a 140 point rally that was soon reversed as the threat of an October hike remains. We continue to trade either side of the 50% sell off since late July and will hold here till next week. AUDEUR: The Euro has strengthened on the back of the Fed’s inaction pulling this pair down from highs that had capped for the month. There is no EU data until next week, so focus turns to the Greek elections and should mean a gradual recovery as we head towards the close. AUDGBP: The Pound has also strengthened as Retail Sales improved, although only to the 50% retracement of the 3 week old range. We’ll hold here until next week. AUDNZD: Rallied on poor NZ GDP numbers, but range bound. Resistance here is proving stubborn and increases the chance of a correction lower as importers are forced to act. (VIEW LINK)


Jim Devonport
Compass Global Markets

Involved in the financial markets performing both sales and dealing roles since the mid 1980’s, Jim has a wealth of knowledge, experience and sales acumen that he uses to build and maintain long lasting business relationships. Constantly...

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