Midweek Market Review: DXY, EURUSD, GBPUSD
Hey Traders,
So this is the week we've all been waiting for with the FOMC press conference and FED interest rate decision scheduled for today.
The central bank is widely expected to keep interest rates unchanged. This means that traders will be looking for clues in tonights FOMC press conference as to when the FED will begin cutting rates.
Currently traders sees a 50/50 chance the FED will begin cutting rates in March of this year.
On the other side of the world the Euro slips lower ahead of Eurozone GDP. The EURUSD traded 0.1% lower after data showed that the German economy contracted in the 4th quarter of 2023.
This has a huge impact on the Eurozone as it raises the potential that the regions largest economy could drag the whole Eurozone into a recession.
So this is the week we've all been waiting for with the FOMC press conference and FED interest rate decision scheduled for today.
The central bank is widely expected to keep interest rates unchanged. This means that traders will be looking for clues in tonights FOMC press conference as to when the FED will begin cutting rates.
Currently traders sees a 50/50 chance the FED will begin cutting rates in March of this year.
On the other side of the world the Euro slips lower ahead of Eurozone GDP. The EURUSD traded 0.1% lower after data showed that the German economy contracted in the 4th quarter of 2023.
This has a huge impact on the Eurozone as it raises the potential that the regions largest economy could drag the whole Eurozone into a recession.