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The long awaited FOMC meeting lead to a Dollar sell-off. The Fed didn't raise rates (this was expected) but they also sounded way more dovish this time around, citing foreign risks to growth and low inflation. Chairwoman Yellen also expressed her opinion that the labor market is far from full employment, if you take into account other factors like under-employment.
This was a slight surprise for me since I expected a more hawkish statement. I longed the USD/JPY in the aftermath of the announcement, because the pair rallied strongly almost breaking the day's high. But a better approach would've been to wait for the break itself. My long got stopped out and I'm now down to 10k.
In light of the moves today, I think the way to go is more Dollar weakness, especially against the Euro. But picking the right spot will be tricky, the pair has already retraced 50 pips from the highs.
This was a slight surprise for me since I expected a more hawkish statement. I longed the USD/JPY in the aftermath of the announcement, because the pair rallied strongly almost breaking the day's high. But a better approach would've been to wait for the break itself. My long got stopped out and I'm now down to 10k.
In light of the moves today, I think the way to go is more Dollar weakness, especially against the Euro. But picking the right spot will be tricky, the pair has already retraced 50 pips from the highs.
