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It's all in the words

So the focus will again fall to the language of the statement the FOMC will release when the meeting ends, namely the part that said the Fed's not ready to raise rates:


"With inflation quite low and resource use slack, the committee believes that it can be patient in removing its policy accommodation," said the FOMC's March statement.

Economists said they would be surprised if the word "patient" is still found in Tuesday's statement.

"We believe it is time for the Fed to drop the sentence," said a note from economists at Lehman Brothers. "Until August last year, the Fed had never included a longer-term commitment about policy in its directive and, with the economy finally showing clear signs of normalization, it is time for a more normal directive."

morning forexers,
still long cable from last week,
and looking for 179.00

Morning All, Europe PMI's coming out atm..

Still sitting on my hands..

Well done Beeble...

target hit somewhat ahead of schedule,
was expecting thurs/fri,
this makes me think could be in for a very good week
staying long for now.

edit; tks david - hope you got some of the ride !

I'm trying to decide if this is consolidation or resistance,
seems to be getting ready for a big move - wish i knew which way.
a small correction to say 178.50 wouldn't be a problem if you still
fancy the bullish side....

Beeb
I am long with a stop at 178.50 EUR/USD & Cable seem to be in tandom at the moment.

cloggs; indeed you could overlay the charts this morning
with little divergence.

Hilary, or anyone else;
i know of someone wanting to swat up on forex, and he's looking for
suitable books to read on the subject. anyone know of any good reading ?

Beebs,

Well done on you long this morning. I've had "rabbit in the headlight syndrome" this morning unfortunately, so I guess I'll have to be patient now and wait for the next downleg.

I'm not sure if it was on this thread or on a different bb, but somebody asked about books a while ago. The concensus was that, because it's being traded to the charts, general charting (Murphy) and trading strategy (Piper) books offer the best reads.

tks cheese and ham roll with yoghurt

Deepfried camembert in breadcrumbs with a mango chutney dip on a bed of salad.

trust you, got to get the word 'bed' in there somewhere

The concept relates to bottom position rather than furniture. A "divan of salad" doesn't quite sound right.

stalling a bit here - resistance 179.35ish
if it goes, 180.00 today

Beeble you staying long til 18050-80 then
bit of resisitnace here is you can see a 4 hourly chart

yup, staying long for now, but off to play golf soon,
so stop in to lock in some profit.

Short Cable @ 17905.

It failed to breach my Resistance cleanly 17940.

went short at 1.7924 cooked the kids tea & closed for +45 - probably the first time i've got it right!

Well done..

It looks like its struggling at the moment. So may have been a wise choice to cover.

Sue you are Supermum.Dont forget my request Beeble.
Cheers.Iain