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|The Federal Reserve is expected to raise interest rates at least three times this year. The firm economic growth and inflation in the United States give the central bank reasons to increase the interest rate this time. If the Fed raises the rate, it will support the dollar that has been suffering for a long time. On the other hand, the absence of a rate hike will be a big disappointment and lead to a selloff in the USD. The Fed’s decision will be known at 20:00 MT time. Press conference of the Fed’s Chair Jerome Powell will start at 20:30 MT time.|
USD’s rally takes a pause, while riskier assets are modestly rising.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.