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Risk tolerance has already started to fade. European equities couldn't keep pace with the Heng Sang's meteoric rally yesterday and then the US market's completely dropped the ball. Now the Asian markets have faltered themselves and we aren't likely to see anything happen until the US data has fully crossed the wires.
I'm a little disappointed that the GDP number and Fed announcment come out on the same day. With the FOMC looking to change rates, the potential event risk in the growth number is completely lost. If we had the number next week, we could have gotten some kind of volatility off of it.
Time to scour the yen crosses and find the best technical setup for possible upside and downside surprise scenarios from the FOMC meeting. Any ideas?
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