As I mentioned yesterday, investors did wait for today´s session to make their statement about the FED meeting and its conclusions. Right off the start, Wall Street locked in gains that propelled the S&P500 to new intraday records, thus extending the longest Bull market in history. Time will tell if these gains will hold and how much power the Bulls still have in their arsenal, knowing that history tells us that when the FED cuts rates and there is an inverted yield curve, a recession is just around the corner.
On the Forex front, the Euro extended its upward move initiated Wednesday against the U.S dollar, regaining the channel lost last Friday. However, the most traded currency pair is also in a major long-term channel which has set the downward trend since last September, keeping the pair between the $1.11 and the $1.17 levels.
Photo by Immo Wegmann.