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With the Fed widely expected to deliver its fourth rate hike this year at the conclusion of its two-day meeting on Wednesday market moves will be guided by its forward guidance.
The U.S. dollar softens Tuesday, as global stocks have struggled recently, on the back of waning risk sentiment and growing uncertainty about the pace of rate increases in coming months.
London stocks were down on Tuesday, as crude oil prices drop to a fresh low and investors wait nervously for the start of the two Federal Open Market Committee meeting
Investing.com - The U.S. dollar slid lower against a currency basket on Tuesday ahead of this week's Federal Reserve meeting while the yen remained supported amid concerns over the outlook for global growth.
Based on the early price action, the direction of the February Comex gold market the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at $1248.90.
Gold is looking north ahead of the FOMC rate decision as Dollar is subdued in market ahead of Fed forward guidance.
AUD starts this week on the back foot. From the technical point of view, the drop is supported by the Head and Shoulders formation and by the breakout of the lower line of the symmetric triangle pattern. Some may see an additional Head and Shoulders pattern, which only adds to the bearish sentiment here.
The Indian rupee touched a near three-week high against the dollar on Tuesday on lower crude prices and expectations of fewer U.S. rate hikes in 2019 as markets counted down to a crucial Federal Reserve meeting. "There is no demand for dollars because of expectations of lesser number of Fed rate hikes," said a senior dealer at a state-run bank. The Fed will announce its rate decision after its two-day meeting ends on Wednesday.
While most of the content of the minutes was widely anticipated, the Reserve Bank did warn that falling household consumption, fueled by declining real estate values and high debt levels is a key source of uncertainty for the Australian economy.
Investing.com - Bitcoin surged above the $3,500 mark on Tuesday in Asia, while other major cryptocurrency prices also jumped.
Investing.com - The U.S. dollar was flat on Tuesday in Asia as investors waited for the Federal Reserve to deliver its latest monetary policy decision.