Three Currencies to Watch This Week
We prepared an outlook of major events of this week. Check it and be ready!
What Are FOMC Insights?
What will happen?
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 record provides an in-depth understanding of the economic and financial conditions that influenced the Fed members’ votes on setting interest rates. It’s usually published eight times per year, three weeks after the Federal Funds Rate is announced.
Possible USD moves
The Fed raised the rate by 75 basis points on June 15. It was the biggest single hike since 1994. During his speech, the Fed’s Chair Powell insisted that inflation was too high and needed to be brought down. The consumer price index rose 8.6% in May compared to last year. It’s the highest level since December 1981. “In the coming months, we will look for strong evidence that inflation is declining, corresponding to its return to 2%,” Powell said.
After the previous FOMC meeting minutes, the US dollar index fell 350 points.
How to trade on USD FOMC Meeting Minutes release?
Even if we know the Fed Funds rate decision results, some insights can help us understand the Fed’s future policy.
- If the record uncovers more Fed’s hints on policy tightening, the US dollar will rise.
- Otherwise, the US dollar will fall.
Check the Economic Calendar.
Instruments to trade: EURUSD, USDCAD, USDCHF, USDJPY.
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