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A rather uneventful announcement from the FOMC

A rather uneventful announcement from the FOMC | 27 July 2023

27 July 2023, USD/JPY

A rather uneventful announcement from the FOMC

USDJPY trading plan:

The Federal Reserve raised interest rates by a quarter of a percentage point, citing still elevated inflation as a rationale for what is now the highest U.S. central bank policy rate in 16 years. The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase. The only real change was the slight upgrade to economic activity from ‘modest’ to ‘moderate’ before people's eyes glaze over at that statement. That is a bit of an upgrade in Fed parlance, so it is policymakers saying that data has been coming in stronger than expected.

Investment idea: buy 139.80 and take profit 140.80.

David Johnson
Analyst of «FreshForex» company
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