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Daily Markets Broadcast 2019-09-19

Daily Markets Broadcast

2019-09-19

Wall Street firmer as Fed cuts rates again

US indices saw wide swings after the Fed cut rates but remained non-committal about further cuts. Indices pared losses into the close to finish higher. Fed Chairman Powell said the cut was intended to preserve economic expansion in the wake of rising external headwinds. The Fed has once again become data dependent with “deeper” cuts ready if needed.

 

US30USD Daily Chart

[1]

Source: OANDA fxTrade

  • The US30 index touched one week lows post-Fed but recovered to post a second consecutive day of gains
  • The 55-day moving average has edged up to 26,610, with prices trading above it since September 5
  • There were three dissenters for the rate cut. One wanted a 50 bps cut while the other two wanted to keep rates unchanged. FOMC members’ dot plots, where they plot their individual views on interest rate direction, did not go below 1.50%. US President Trump immediately tweeted that the Fed had no “guts” , no sense, no vision.

 

DE30EUR Daily Chart

[2]

Source: OANDA fxTrade

 

HK33HKD Daily Chart

[3]

Source: OANDA fxTrade

 

 

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Andrew Robinson

Andrew Robinson [6]

Senior Market Analyst at MarketPulse [7]
A seasoned professional with more than 30 years’ experience in foreign exchange, interest rates and commodities, Andrew Robinson is a senior market analyst with OANDA, responsible for providing timely and relevant market commentary and live market analysis throughout the Asia-Pacific region. Having previously worked in Europe, since moving to Singapore he worked with several leading institutions including Bloomberg, Saxo Capital Markets and Informa Global Markets, proving FX strategies based on a combination of technical and fundamental analysis as well as market flow information. Andrew began his career as an FX dealer with NatWest and the Royal Bank of Scotland in the UK.
Andrew Robinson

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