The FOMC Brings New Insights for the USD
The United States will publish the Federal Open Market Committee Meeting Minutes on November 24, at 21:00 GMT+2.
What to expect from FOMC?
What to expect from FOMC?
Instruments to trade: EUR/USD, EUR/GBP, EUR/JPY
This Wednesday the FOMC will give economic projections, which will have a huge impact on the Forex market. The report usually consists of Fed’s decision on interest rates and other policy measures. The Fed has already signaled that it won’t raise interest rates any time soon. In addition, it should further pump more money into the economy through its bond-buying program and ultra-cheap loans to banks. Besides, analysts expect that the central bank will emphasize downside risks amid the rising virus cases in the USA and press on Congress to act by increasing the spending. As a result, traders will expect further easing, which will drive the US dollar down. However, there is still a tiny chance that the Fed will deliver optimistic projections.
- If the Fed’s outlook is upbeat, the USD may rise.
- If the Fed’s outlook is downbeat, the USD may fall.
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Big Event for USD: Philly Fed Manufacturing Index
The US will release the Philly Fed Manufacturing Index – the impactful event for the USD and thus for all the major pairs. It will be out on November 18 at 15:30 MT (GMT+2).
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