The New York Fed wound back Williams comments at the most damaging time of the day - here's why
The announcement from the NY branch of the Federal Reserve that the words were not indicative of FOMC policy, these
Note the time of the NY announcement, after US markets had shut up shop for the day and before Tokyo. For forex the only centres trading with much activity at this time are New Zealand and Australia. This is the least liquid time of the 24 hour FX cycle and moves can be exacerbated by the illiquidity.
Oh yeah, if were long USD feel free to rephrase my headline:
- The New York Fed wound back Williams comments at THE BEST time of the day - here's why
A few people had called b/s on the market reaction to Williams. Kudos indeed.
Apparently the story of the title of this one is it should be 'Right' On Time ….
But it couldn't be any more perfect.