A bit of quiet now as we head towards the FED this evening

Today’s volatility in the market has been welcomed after some lack luster trading periods, we saw some initial dollar buying on  a strong ADP release before sharp reversal on the back of a real miss for US GDP. Equity markets appear to have shrugged off the bad news as we near session highs after failing to break the 1871 support level on the cash market.

S&P 500 15 minute chart

The S&P 500 still remains within a tight range of 1871- 1881, I don’t expect too much in the way of movement before the FED this evening but the press conference is likely to add some fuel to the fire on the back of the GDP release earlier today.

USDJPY 5 minute chart

USDJPY has had a short lived bounce from the lows now trading close to sessions with GBPUSD and EURUSD both nearing session highs.