This article was first published on Orbex Forex Trading Blog.
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
Dollar Down Ahead of FOMC Tomorrow
The US dollar has been a little weaker over the European morning so far on Tuesday. Price action is likely to stay muted until tomorrow which sees US CPI data followed by the FOMC later in the day.
While the Fed is not expected to adjust policy further, traders will be keen to hear the latest assessment of the economy given the ongoing weakness in key indicators such as ISM Manufacturing & Non-Manufacturing. USD index trades 97.54 last.
EUR Rallies on USD Weakness
EURUSD has been a clear beneficiary of the weaker USD so far today. However, ultimately, price continues to range between the 1.1024 and 1.1166 levels.
Later this week, the December ECB meeting might provide some volatility. This will be the first meeting with Lagarde as president and traders will be keen to hear her views on the economy and gauge how she is likely to act in the early part of next year.
To keep reading this article, please navigate to: Orbex Forex Trading Blog.