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Rick Townsley at Accredited FX in Costa Rica Expects Little From two-day FOMC meeting

The two-day meeting of the Federal Open Market Committee is underway but we shouldn't expect too much from the event says Rick Townsley, a Senior Broker at Accredited FX who are a major commodities and forex brokerage firm in San Jose, Costa Rica.

 
 
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PRLog - Oct. 24, 2012 - SAN JOSE, Costa Rica -- There has certainly been a lot of discussion about many different subjects at the two-day meeting of the FOMC (Federal Open Market Committee) which ends on Wednesday afternoon but it is the consensus of many brokers and analysts including Rick Townsley, a Senior Broker at Accredited FX that no action will occur as a result of the meeting.

Rick Townsley had this to say today on reflection - "We expect the meeting to pass quietly and frankly it's unlikely that we will see any effect on the markets due to anything that comes from these talks."

He goes on to say "Of course the people that set policy are in discussion and are deliberating the economy after their decision last month to purchase mortgage-backed securities to help drive down interest rates over the long-term. Essentially what we are seeing with the MBS strategy is simply a third round of quantitative easing and this is good for gold even if it takes a while to show real movement."

John Flannigan, Vice President of Trading at Accredited FX says “The Fed simply will not do anything in this meeting because they are trying to avoid anything that may be viewed as politically motivated in the run up to the election in the U.S."

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Disclosure: Rick Townsley and other members of the trading team at Accredited FX hold various long positions in gold with different expiry dates and strike prices.

Accredited International provides Forex and commodity trading services to corporate and institutional investors throughout the world from their head office in San Jose, Costa Rica.

Accredited FX is the managed accounts division of the company and provides Forex and commodity trading to retail investors with minimum account balances starting at $5,000. Clients have access to one of the most sophisticated online trading systems available.

To open an account with Accredited FX, please visit our website at http://www.accreditedfx.com or call our client services team at +1 855 274 7539.

Follow us for up to date releases and news on the metals market on Twitter @accreditedfx
Forex trading involves substantial risk of loss and is not suitable for everybody. Only risk capital should be invested.

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Contact Email:
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Source:Accredited FX - Press Office
Phone:18552747539
Zip:7887
City/Town:San Jose - San Jose - Costa Rica
Industry:Investment, Finance
Tags:Rick Townsley, gold, Accredited FX, FOMC Meeting
Shortcut:prlog.org/12007223
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