
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
The Federal Reserve (FOMC), US central bank, will publish its December meeting minutes on Wednesday, January 5, at 21:00 GMT+2 (MetaTrader time).
On Wednesday, December 16, the Federal Reserve announced that it would speed up the taper of its asset-purchase program. In addition, the Fed indicated it sees three rate hikes in 2022 versus the two increases previously expected. These projections reflect the Fed's shift from supporting the economy to fighting inflation. All things equal, this is positive for the US dollar in the medium term. Yet, traders will surely want to know more details about the central bank's plans and the mood of the Federal Open Market Committee (FOMC) members. The FOMC minutes will provide such information.
The minutes are a detailed record of the FOMC's most recent meeting, containing in-depth insights into the economic and financial conditions that influenced the FOMC vote on where to set interest rates. That's why the release will have an impact on the US dollar.
FOMC Meeting Minutes released on November 24 showed that more Fed officials were open to speeding up bond-buying taper and rates liftoff. That made the USD rise versus other currencies. Market players were ready for such an outcome. So traders started actively buying the USD on November 22. As a result, USD/JPY rose from 114.00 to 115.40 during three days.
Open the economic calendar a few days before the FOMC Meeting Minutes release. Then check what analysts and traders expect from the Fed. You can also check the FBS analytics Telegram channel.
Instruments to trade: all the major pairs and XAU/USD
Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Last week was super intense! Geopolitical turbulence made the Russian ruble the most volatile currency. Gold rose and fell by more than 8000 points each time.
The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.
The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
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