SubscribeDaily Futures Commentary September 24, 2009
Thursday, September 24, 2009
The Fed FOMC left interest rates at near historically low levels while deciding it was too early to pull out of its current stimulus plans. The Fed also said the economy was improving especially in the housing and financial markets. The FOMC also decided to slow down its debt buying plan by extending its program to purchase mortgage-backed securities into the first quarter of 2010.
The U.S. Dollar turned an early weak session into a gain by the close of the day. The Dollar was trading lower when the Fed announced it would keep pressure on interest rates. This news triggered a spike up in foreign currency markets, but by the end of the day, the Dollar recovered, reversing the day in most Forex pairs.
The Group of 20 meeting begins today. Among the topics which may be discussed include the brewing trade war between the U.S. and China, the Dollar’s value as a reserve currency and position limits on financial market speculation.
Overnight the U.S. Dollar is trading mixed against most major currencies. There does seem to be some interest in the long side of the …
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