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FOMC in Focus
The US dollar has been trading lower over the European morning on Wednesday as traders prepare for the October FOMC later today. The Fed is all-but-guaranteed to slash rates yet again with the latest market pricing reflecting a near 100% likelihood of a .25% rate cut.
With the move priced in, the main focus will be on the Fed’s forward guidance. If the Fed keeps the door open for further easing, we could see USD heavily sold. USD index trades 97.38 last.
EUR Higher on Weak USD
EURUSD has been higher today in light of the weakness in USD. The single currency has also been boosted by the confirmation that Brexit will now be delayed until January 31st.
This move has increased the likelihood of the UK leaving with a deal, thus avoiding an economic cliff edge for either the UK or the EU. EURUSD trades 1.1123 last.
GBP Higher on Elections News
GBPUSD has been firmer today, again benefiting from a weaker USD. The response to news of the Brexit delay has been muted, however, giv...
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