The U.S. Dollar Awaits FOMC’s Decisions

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The U.S. dollar held steady vs. a basket of major currencies amid strong expectations that the U.S. Federal Reserve could raise interest rates. Some analysts are anticipating that, Trump will take steps to support growth, which will push up inflation and are voicing concerns that it might ignite sparks for the start of a currency war. This could push investors to save havens such as gold and the Japanese Yen.

Markets are poised for the federal funds rate to rise to a target range of 0.25%, in line with this traders are anxiously awaiting Yellen's guidance on future rate trajectory.  

It is likely that the Fed will keep a moderate tone on raising its rates as they wait for the next year, but possibly might raise its forecasts for inflation and growth earlier than this.

Gold fell slightly yesterday and settled below $1,160. The yellow metal could trade widely after Federal Reserve's policy meeting and touch $1,130, if the Federal Reserve raises interest rates by 0.5%. On the other hand, it could decline to $1,180 if the Federal Reserve keeps rates unchanged.

Euro settled at $1.06 vs. USD in anticipation of Eurozone Industrial Output. The common currency is also awaiting the outcome of the Federal Reserve's policy meeting.

GBP settled yesterday vs. the greenback and could touch $1.2770 in anticipation of the UK unemployment and employment data, which will be released today.

Today, oil prices declined after US crude inventories climbed last week and an estimate that OPEC may have produced more crude in November than previously expected.  WTI crude oil futures fell as much as 1.3%, to settle at $52.29.

The most important economic events:

  • USD Advance Retail Sales (NOV): (GMT: 15:30) – Important- forecast (0.3%) – previous (0.8%).
  • USD Federal Open Market Committee Rate Decision (DEC 14): (GMT: 21:00) – Important- forecast (0.75%) – previous (0.50%).

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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