By my estimations there was some free money to be had today. But you had to be quick, and you’d have to have deep enough pockets to really hit the market hard and make the most of the move…
14:52 UK time The Fed’s Yellen spoke with a slightly more Dovish tone than the market has gotten used to. The S&P 500 caught a bid and gradually started to move North – to claim a quick one or two points wouldn’t have been overly difficult, although the lack of follow-through certainly capped any potential profits.
14:45 UK time saw the scheduled release of US Chicago PMI figures: 55.9 as against 59.2 Expected. This is clearly Tier-2 data, for my money. The market didn’t move much despite the number coming in a good way off target.
10:00 UK time. To kick off the session Eurozone CPI came in slightly below expectation, at 0.5%. Marginally more scope for the ECB to take action? The Euro apparently thought so as it took an immediate dive, although classic market action: it bounced right back up. The only opportunity, in my opinion, was to fade the move and bank on it reverting. Not a good spot by any stretch of the imagination, though.