City Index | Jul 19, 2019 01:40AM ET
Dovish comments from Fed officials has put a 50bps cut in July back onto the table for markets, and markets were quick to respond.
That these comments were said on U.S. President Donald Trump’s favourite Fox News program, ‘Fox and Friends’ is also worth noting, given the Fed have been accused of bowing to the President’s pressure and therefore, not as independent as they claim. Still, what’s said is said and markets reacted accordingly.
Starting with AUD/USD, it’s most bullish day since late January closed right on the December ’18 bearish trendline.
USD/JPY looks set to re-test its lows and potentially extend its bearish trend now bearish momentum has returned.
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