Profit: $9.41 Total: $1,303.74
There was no rate hike today which was no a surprise by any means. July’s rate hike percentage fell to a mere 6%. Most likely, if we do get a hike this year, it’ll probably be in the fall. The Fed’s dot plot also got downgraded which points to a dovish Fed again. The majority of the Fed vote is still 2 hikes for this year but now it’s only 11 to 6 compared from 16 to 1. Just when the Feds seemed like they were preparing for lift off, they have taken a couple steps back again.
The dollar bulls didn’t get the support they needed from the Fed’s today. I caught some pips longing the EUR/USD and then longing the USD/JPY after hitting a major support. I’m looking very closely at the USD/JPY because I feel like it’s the next big move. Due to Brexit and other global fears, the Yen has gotten a lot of love from investors seeking safety. However, sitting in the high 105’s can trigger the BOJ to continue their QE devaluing the Yen again. There’s a BOJ meeting tomorrow and in July. Although I do not expect any actions in tomorrow due to Brexit uncertainty, I definitely feel like July can be a game changer for the Yen.