We've got a very busy week for currency activity on tap. The Fed releases their May rate decision on Wednesday at 2 PM after two days of meetings and the ECB and Bank of England also make rate decisions on Thursday.
According to the Bank Credit Analyst this past Friday, we should see no action out of the Fed as they continue to keep rate changes on hold, but the key for markets will be the nuances in the language. Any slight changes that hint at when rate cuts could begin (we believe rate increases are nearly off the table as an option) will be what the general markets take as the cue. Precious metals and the dollar index will be very volatile on interpretation of the language in the Fed statement, but we believe that after the news is digested and the ECB/Bank of England raise rates on Thursday, the dollar should come under renewed pressure to the downside while precious metals enjoy the bounce.
This week should go a long way towards underscoring the importance of gold and silver trading as currency alternatives.
London markets are closed today for a national holiday.
Blanchard and Company, Inc. is the largest and most respected retailer of American rare coins and precious metals in the United States, serving more than 450,000 people with expert consultation and assistance in the acquisition of American numismatic rarities and gold, silver and platinum bullion. The Blanchard Economic Research Unit is a key source of precious metals market analysis and continues to be an important resource for financial and consumer media throughout the United States. Blanchard and its predecessor companies have called the New Orleans area home for more than 30 years. For more information about the company, visit BlanchardGold.com or call the company toll free at 1-800-880-4653.
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