Don't Fight the Fed

Well the Macro picture has once again raised its ugly head. #Federalreserve Vice Chair Clarida said the weak April payroll report shows "we have not made substantial further progress" on the Fed's goals for employment. This was not unexpected, many pundits had said as much given the data (and our poll suggested the same), but putting voice to the sentiment moved the #currencymarkets.

Overnight, #FX traders sold off the dollar and this morning #Coffeetraders decided to have a try at replaying the 10c move. Much like last time, the #market was up 4.5c before 7am US time, and the market continued to rally through out the morning. However, this time, the #USD has not quite followed through as much and the shock of last week just isn't there.