Dollar Holds Steady near a two-week low ahead of Fed Meeting


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The dollar index which measures the greenback against a basket of major currencies settled near a two-week of 96.40 as investors await the Federal Reserve interest rate decision on Wednesday. The Fed is widely expected to leave interest rates unchanged, and strike a dovish tone following a series of soft economic data. Moreover, the Fed will be publishing the economic projections where growth and inflation expectations could be revised slightly lower. The USDJPY dropped to a low of 111.17, the USDCHF declined to 0.9997, and the EURUSD climbed to a two-week high of $1.1359.


Precious metals edged slightly higher as the dollar weakened on growing expectations of a dovish tone by the Federal Reserve. The price of a gold ounce rose to a five-day high $1307, the silver ounce rallied to $15.40, and palladium jumped to a record high of $1590.


Oil prices surged as OPEC canceled April meeting. OPEC and other major oil producers agreed in December to cut production in order to support the unbalanced market. OPEC+ were supposed to meet in April to reassess the market conditions and check whether to extend cuts till June. Yesterday, OPEC+ canceled the planned meeting as they still believe that the market is oversupplied. Moreover, the cartel will have more time to assess the effect of US sanctions on Iran and Venezuela on the oil market. The West Texas Intermediate crude futures jumped to a four-month high of $59.21, and Brent futures advanced to $67.73.

GMT Country Event Expectation Previous
9:30 UK Average Earnings Index +Bonus (Jan) 3.2% 3.4%
9:30 UK Claimant Count Change (Feb) 13.1 14.2
9:30 UK Unemployment Rate (Jan) 4.0% 4.0%
10:00 EU German ZEW Economic Sentiment (Mar) -11.0 -13.4
14:00 US Factory Orders (MoM) (Jan) 0.3% 0.1%
20:30 US API Weekly Crude Oil Stock   -2.580


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