US Dollar drops on FOMC nothingburger
With due consideration that the days immediately following FOMC’s latest do-nothing meeting often swing to volatility, as if they actually did something, we note that…
They are subordinating a steaming, inflated economy with the rising input costs to show for it for some fairy tale about how there are still COVID related dangers to the economy and by Jesus, [officially measured] inflation simply HAS to get higher; like over 2% for some arbitrary length of time.
Jerome and his confederacy of eggheads…
…let things be as they were. Hence, the US dollar is as it was. In a downtrend and posturing to lose the next support level.
Where will Uncle Buck find support? 88? 83?
The answer to questions like that will determine the mini or maxi fate of broad market upside, including the CRB Commodity index. Here is the big picture (perspective) chart that usually accompanies the daily chart of CRB and a host of individual commodities each week in NFTRH.
Resistance mini or resistance maxi upcoming? In NFTRH 651 a couple weeks ago we loaded two new resistance zones, the upper of which could be hit if the manic market blow off scenario comes about this spring or summer. That would appear to rhyme with Uncle Buck 83. But let’s just let it play out and let the markets do the talking instead of our inner swami, guru or crystal ball reader.
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