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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
Based on the current price at 1.1398, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the Fibonacci level at 1.1395.
EURUSD’s U-turn from 1.1270-60 support-zone presently struggles with 50-day SMA level of 1.1395, which if broken can escalate the pair’s recovery to near-term descending trend-line resistance, at 1.1430. Should prices rally beyond 1.1430 on a daily closing basis, the 1.1490, comprising 100-day SMA, followed by 1.1530, may act as intermediate halts during the pair’s surge to 1.1620 level. In case the pair fails to surpass the 1.1395 upside barrier, the 1.1300 and the 1.1270-60 could regain market attention. However, sustained downturn beneath 1.1260 might only have 1. ...
There is one problem that could arise for gold traders. It has to do with the post-meeting remarks from Fed Chair Jerome Powell. He is expected to tone down his assessment of the economy and inflation. However, by doing so, he runs the risk of coming across as too dovish.
USDCAD continues to decline on broad based cautious investor sentiment ahead of US FOMC update but dovish crude oil price in broad market helps limit downside move of US Greenback.
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.