Daily Alert – Thursday 15th June 2023: Fed pauses, ECB hikes, BoE on naughty step

Mark NugentDaily Alert, June 2023

Daily Alert – Thursday 15th June 2023: Fed pauses, ECB hikes, BoE on naughty step

Good afternoon.

The Fed held rates steady, as expected, but the famous dot-plot shows the voters themselves see two more hikes before year-end. Markets still expect a cut. Ain’t happening.

The European Central Bank (ECB) raised rates by 25 basis points, as expected, to 3.5%, a 22-year high. They said there is more to come.

Astonishingly, the Bank of England (BoE) have agreed to an external review of their forecasting, as suggested by the UK parliament. Quoting from Bloomberg, “BoE officials have said publicly that they’re using their own judgment because the models they have are backward looking and malfunction when conditions are particularly unusual.” Really? So, they sit around a table and wing it? I’d do that for half the money.

My little WTI long trade had no legs, and my stop-loss was hit at breakeven.

I will be back tomorrow with a 2-minute video of the recent EURGBP trade, the second best of the year so far.

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