USD 
EUR 
GBP 
JPY
The US Dollar was pretty much flat against most major currencies, which was pretty wild considering the FOMC Economic Projections and Fed Interest Rate Decision were just around the corner. If you were watching EUR/USD, you'd have noticed it recovered part of its earlier decline on Wednesday as the US Dollar eased slightly from daily highs. According to FXStreet, the Euro got some modest support ahead of the Federal Reserve's interest rate decision.
But what's really interesting here is that the Bank of Canada opted to keep its policy rate at 2.25%, as anticipated, though the accompanying statement reflected a more complex view, influenced by a dimmer growth forecast. And honestly, it's not surprising that GBP/USD fell 0.21% on Wednesday following the release of a hot US inflation report, prompting investors to cut their dovish bets on the Federal Reserve. At the time of writing, the pair trades at around 1.21, which is still pretty strong. The US Dollar / Mexican Peso closed at 17.6780, up a tiny bit, while the Australian Dollar / New Zealand Dollar closed at 1.2117, which is basically unchanged.
You'd have noticed that the broader NASDAQ and S&P indices both came under pressure last Friday, with the NASDAQ breaking and closing below its 200-day moving average, while the S&P managed to hold just above its own 200-day. FXStreet pointed out that this could be a sign of things to come, especially with the Fed's interest rate decision looming. And let's not forget that the Euro / British Pound closed at 0.8643, which is also pretty much unchanged.
The US Dollar / Euro closed at 0.8684, which is also flat. According to DailyFX, the Fed is expected to keep rates steady, but it's the language around future hikes that's got everyone on edge. If you were trading USD/JPY, you'd have seen it trading near the 159.50 price zone, gaining some ground during the American session as the pair awaits the Federal Reserve's monetary policy decision. What's coming next is anyone's guess, but one thing's for sure - the next 24 hours are going to be huge for the markets.
Market Breakdown
But what's really interesting here is that the Bank of Canada opted to keep its policy rate at 2.25%, as anticipated, though the accompanying statement reflected a more complex view, influenced by a dimmer growth forecast. And honestly, it's not surprising that GBP/USD fell 0.21% on Wednesday following the release of a hot US inflation report, prompting investors to cut their dovish bets on the Federal Reserve. At the time of writing, the pair trades at around 1.21, which is still pretty strong. The US Dollar / Mexican Peso closed at 17.6780, up a tiny bit, while the Australian Dollar / New Zealand Dollar closed at 1.2117, which is basically unchanged.
You'd have noticed that the broader NASDAQ and S&P indices both came under pressure last Friday, with the NASDAQ breaking and closing below its 200-day moving average, while the S&P managed to hold just above its own 200-day. FXStreet pointed out that this could be a sign of things to come, especially with the Fed's interest rate decision looming. And let's not forget that the Euro / British Pound closed at 0.8643, which is also pretty much unchanged.
The US Dollar / Euro closed at 0.8684, which is also flat. According to DailyFX, the Fed is expected to keep rates steady, but it's the language around future hikes that's got everyone on edge. If you were trading USD/JPY, you'd have seen it trading near the 159.50 price zone, gaining some ground during the American session as the pair awaits the Federal Reserve's monetary policy decision. What's coming next is anyone's guess, but one thing's for sure - the next 24 hours are going to be huge for the markets.