FOREX New York Session Video September 19, 2007

The FOMC's decision to cut the federal funds rate by 50 basis points triggered large moves for several major currency pairs during yesterday's New York afternoon. Traders who approached their charts at the open of today's New York session found that very little had happened to the EUR/USD during the day's preceding sessions. Unfortunately, U.S. CPI and housing starts news didn't offer enough punch to break the euro out of its range. Further, a week-to-week drop in U.S. oil inventories failed to break the USD/CAD out of the 25-pip range which formed mid-session. A good day for capital preservation.