The USD sinks. Stock reverse higher. Yields fall after Fed decision

Technical Analysis

Author: Greg Michalowski | dollar

The FOMC says they will not raise rates in 2019.

The FOMC more dovish statement and dot plot has pushed the USD lower, stocks higher and yields lower.

For the USD, the greenback is now lower vs all the major currencies with the exception of the GBP.

The USD is lower

For the USDJPY, the pair has tumbled below its 200 hour MA and a lower trend line at 111.23, the 61.8% at 111.16 and is now cracking below the low from March 13 at 111.00. 

THe USJDPY is cracking lower

For the EURUSD, the price is up testing the 61.8% of the 2019 range and the end of February high (both are at 1.1419)

EURUSD moves to the end of Feburay high and the 61.8% retracement
The S&P and Nasdaq have reversed declines and are now up. The Dow lags but has erased some of its declines:
  • The S&P went from -13 points just before the release to +1.58 points now.
  • THe Nasdaq moved from -20.75 points before the release to +23 points now.
  • The Dow moved from -160.25 points to -49 points now. 

IN the US debt market, yields are lower. The yeild curve has flattened a bit. 

  • 2 year 2.447% to 2.3899% now
  • 10 year 2.585% to 2.545% now
  • 30 year 3.000% to 2.988% now
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