Up, down and all around we go
And we end up right back at the beginning
Everyone has had an opinion on what the statement says or means and at the end of the day that's all we've got to go on.
The reality is that it doesn't matter as there is nothing remotely crystal clear about when hikes are coming. Even that is open to interpretation. Does it keep Sep on the table or push it back. It's all games so we might as well ignore the whole lot of it and get back to data watching. That's what the Fed is going to do
So USDJPY dropped to the support at 123.50, then ran up to 124 even and is now finding 123.90 resistance again as the dust settles
EURUSD couldn't crack 1.1080 up top and neither could it break 1.10 down below
GBPUSD did next to naff all
On the whole the market got what it was probably really expecting and as the economists starts publishing their thoughts we may start to get a second wind and a direction. All in all I don't see much reason for us to break any big levels but then the market will do it's own thing no matter what I think
If I had to throw another bit of analysis out there I'd say that one reason to be bearish is that the Fed would have had the GDP numbers due tomorrow, and if they had been very good they might have made more bullish remarks on the economy. They haven't so either it's soft news tomorrow or they want to give us all a big surprise