Profit: -$24.39 Total: $715.20
Rate were left unchanged by the Feds and the following sentiment was pretty much the same. Although many traders thought of a possible rate hike earlier than June, the statement today reassured the words “gradual rate hike” which probably means not any time soon. The Feds also stated that a 2% inflation rate will be hit and they are confident behind it. All in all, the FOMC statement was not enough to give life back to the dollar.
The falling dollar is a tricky place to be in. There were some signs of a dollar reversal, which I fell for, early on in NY. ADP non-farm employment change data came out very strong which gave the dollar a life. I took this advantage to long the dollar, just in case of a early dollar reversal. EUR/USD and GBP/USD were both coiling up in a pendant for a break out which eventually was just a fake out. The FOMC statement wasn’t too great for the dollar which burned the dollar bulls.