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All Eyes Are On the Federal Statement

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The Federal Reserve's 2-day monetary policy meeting will end later on today, while no move is expected at this meeting in terms of monetary policy. The meeting may discuss the recovery of the U.S. economy, the fluctuation of the global economy and the negative impact of the slowdown in the Chinese economy. USD index sags below 94.50, before the Fed meeting.

EURO jumped to its highest level during the week, thanks to the weak data of U.S durable goods.  EURO settled at $1.13 v.s USD, rebounding from $1.1338. The pair could extend its gains ahead of Fed meeting.

Yesterday, GBP soared to 12-weeks high of $1.46 against USD, backed by Britain's 'In' campaign. On the other hand, the pound declined to $1.4580, negatively affected by a UK support for Brexit.

USD rose against JPY and settled at 111.30. The pair is awaiting the outcome of federal meeting later on today.

Gold prices edged up yesterday, thanks to soft U.S durable data. The yellow metal rose $1,242 and could extend its gains before Federal meeting.

Crude oil prices rose, approaching five-month highs touched last week, backed by increasing demand from the United States on crude oil at the beginning of the driving season. WTI settled at $44.80 and could retest the psychological level of $45. 

The most important economic events:

  • GBP Gross Domestic Product (YoY) (1Q A): (GMT 10:30) – Important – Forecast (2.0%) – Previous (2.1%).
  • USD Federal Open Market Committee Rate Decision (APR 27): (GMT 20:00) – Important – Forecast (0.50%) – Previous (0.50%).
  • USD FOMC Rate Decision (Lower Bound) (APR 27): (GMT 20:00) – Important – Forecast (0.25%) – Previous (0.25%).
  • NZD Reserve Bank of New Zealand Rate Decision (APR 28): (GMT 23:00) – Important – Forecast (2.25%) – Previous (2.25%)

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

 

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