forex market update from 6 Forex Management.com

25/06/2001
FOMC statement contained minimal changes. obvious deterioration in the housing sector. new home sales fell much more than expected in May, down 32.7% m/m to 300k, the lowest level on record since data was recorded in 1963
dollar weakened due to FOMC statement as policy rates are destined to remain low “for an extended period”
US equities closed largely flat and Asia stocks are marginally positive at the time of writing. EURUSD traded 1.2249-1.2352 and USDJPY traded 89.74-90.19
We remain negative on EURUSD.
Fiscal tightening will likely encourage the BoE to keep the policy rate at 0.5% until next year, and we expect elevated CPI levels to soften over the coming months.

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