Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What does the first Fed meeting of 2021 have for the USD?
The Federal Open Market Committee (a department of the Federal Reserve) will post its statement and an update on the interest rate on January 27 at 21:00 MT time. The Press Conference with the Fed Chair Jerome Powell will happen, as usual, at 21:30 MT time.
Instruments to trade: EUR/USD, USD/JPY, GBP/USD
Wow, the first Fed statement of the year! The time flies fast. Another important thing, this is going to be the first statement after the inauguration of Joe Biden. For now, the interest rate is expected to stay at the current level for the foreseeable future as inflation remains low. At the same time, Jerome Powell expressed hopes for economic stabilization soon. With the US dollar strengthening after the long-term fall and the stimulus-friendly policies by Joe Biden, will we see the Fed Chair changing his mind? If he keeps being optimistic, the US dollar may rise to new highs.
- Good comments by the Fed on the economic situation will strengthen the USD.
- Alternatively, bad or cautious news will pull it back to the lows.
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