Forex Today: Dollar weakens ahead of Fed decision – by MSalordFX DollarIndex Currencies Fed RBA
The FOMC's two-day meeting ends on Wednesday, with the Fed expected to raise the Fed Funds rate by 25 basis points to 5.00% - 5.25%. This would match the 2007 peak rate. There won't be updated projections. Market participants will focus on the statement and then on Chair Powell’s press conference. Before the Fed's decision, ADP will release its private employment report.
“We believe that any easing by the major central banks is a 2024 story. Period. In particular, we continue to believe that the markets are underestimating the Fed’s capacity to tighten policy and to then keep it there for an extended period. This should be a huge, huge wakeup call for investors that have become way too complacent about a Fed pivot,” Brown Brothers Harriman.rebounded sharply during the American session, rising from weekly lows below 1.0950 to the 1.1000 area.
The Reserve Bank of Australia unexpectedly hiked rates on Tuesday, boosting the Australian Dollar, and it also showed there is room for hawkish surprises, as inflation remains stubbornly high. Thetraded momentarily above 0.6700 and then pulled back to 0.6665. The outlook for the pair improved, but not dramatically; it remains sideways.erasing all RBA gains, retreating from 1.0835 to 1.0735.
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