UPDATE: Don't take excessive risk during stormy waters, EURUSD

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What I expect from tomorrow's meeting:

I expect the Fed to increase rates 0.25%, that's already in the price. Look for signs that the Fed will be scaling back in August, talk of global concerns etc. That will be our next clue towards figuring out the end to QT.

Markets are future discounting mechanisms, once they figure this our the market will discount this in the dollar! It should drop rather hard.