Daily market commentary gets a little dry for me.
With Wednesday’s Fed announcement looming, it makes little sense delving into too much else – short of suggesting patience, patience, and oh yes…….a little more patience.
The news of Larry Summers dropping out of the running for the “New Fed Chairman” has hit news headlines across the globe, yet I’ll bet you 50 bucks you had absolutely no clue “who he was” – or would have cared much anyways. Me neither frankly.
When we step back and consider that Ben Bernanke has pretty much filled the role as ” the most important and influential man on planet Earth” for some time now – would you want that job?
Kong appointed Chairman of the U.S Federal Reserve – could you even imagine?
Forex trading is stressful enough at times, and I’m always up for a new challenge – but could you actually imagine walking into the office on your first day as Fed Chairman and just picking up the ball and running with it? No thanks.
As it stands, the word on the street is that this “Janet Yellen” is all for the printing presses ( surprise , surprise right?) so obviously she fit’s the bill quite nicely. After all – why on Earth would the Fed ever jeopardize loosing their biggest client ( the U.S Government) to some “half cocked Obama boy” like Summers. NEVER GONNA HAPPEN.
This gal is deep , deep , deep in someone else’s pockets – and I don’t mean that in a good way ( could that be in a good way? ).
Personally, I’m not particularly “thrilled” with things being on hold here any longer. The gap in USD action has provided a couple of scalp opportunities but has also done a great job of further “blurring” further USD direction. Most charts / asset classes I follow suggest “some kind of USD bounce” but this tempered with the fundamental fact that Yellen is 100% on board with money printing.
The market’s reaction on Wednesday is really only a small part of the puzzle, as debt ceiling / default issues come next.
When does it end?