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U.S. Dollar/Japanese Yen (^USDJPY)

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U.S. Dollar/Japanese Yen Futures Market News and Commentary

Dollar Pressured After FOMC Cuts Interest Rates by 50 bp

The dollar index (DXY00) Wednesday tumbled to a 14-month low and finished down by -0.12%.  The dollar sank Wednesday after the FOMC cut the fed funds rate by 50 bp and projected another 50 bp of rate cuts by the end of the year.  The dollar was also undercut after the Fed cut its 2024 US GDP forecast and cut its 2024 core PCE price forecast, dovish factors for Fed policy.  The dollar recovered from its worst levels after Fed Chair Powell said the Fed is in no rush to ease monetary policy.  

The FOMC voted 11-1 to cut the fed funds target range by 50 bp to 4.75%-5.00% and said the committee is "strongly committed to supporting maximum employment" and returning inflation to its 2% goal.

The FOMC cut its 2024 US GDP forecast to 2.0% from 2.1% in June and cut its 2024 core PCE estimate to 2.6% from 2.8% in June.  The FOMC also raised its 2024 unemployment forecast to 4.4% from 4.0% in June.

The FOMC cut its fed funds forecast for the end of 2024 to 4.375% from 5.125% i... Read more

Commitment of Traders Positions as of Sep 10, 2024

View Chart Details
Commercials - Long / Short
290,417 (+54,361)
223,698 (+34,407)
Non-Commercials - Long / Short
43,124 (-7,551)
98,894 (+7,103)
Dealers / Intermediary - Long / Short
208,600 (+27,102)
132,630 (+1,752)
Asset / Manager - Long / Short
29,500 (-7,780)
57,419 (-212)
Leveraged Funds - Long / Short
51,229 (-267)
36,657 (+2,004)
Other Reportables - Long / Short
2,086 (-6,906)
53,760 (+3,305)

Price Performance

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Period Period Low Period High Performance
1-Month
139.581 +1.79%
on 09/16/24
148.050 -4.03%
on 08/19/24
-5.526 (-3.74%)
since 08/16/24
3-Month
139.581 +1.79%
on 09/16/24
161.948 -12.27%
on 07/03/24
-15.781 (-10.00%)
since 06/18/24
52-Week
139.581 +1.79%
on 09/16/24
161.948 -12.27%
on 07/03/24
-5.540 (-3.75%)
since 09/18/23

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EURCAD Two-Year Bullish Sequence extends from the Blue Box

Hello traders, welcome to another trade review blog post where we discuss setups from the blue box. In this one, we will look at a recent setup on the EURCAD.

^EURCAD : 1.51248 (+0.08%)
DXY Coming Back To 101.60-102 Resistance

It’s going to be an important week, with the focus on the U.S. CPI inflation data, which could provide more clues on whether the Fed will go for 25 or even 50 basis point cut.

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Sell with a Strengthening short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 145.281
2nd Resistance Point 143.873
1st Resistance Point 143.142
Last Price 142.420
1st Support Level 141.003
2nd Support Level 139.595
3rd Support Level 138.864

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52-Week High 161.948
Fibonacci 61.8% 153.404
Fibonacci 50% 150.764
Fibonacci 38.2% 148.125
Last Price 142.420
52-Week Low 139.581

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