The U.S. Dollar is trading lower against most majors except
the Japanese Yen, as investors await this afternoonâ€™s FOMC policy statement and
tomorrowâ€™s Bank of Japan monetary policy decision.
The Fed is expected to leave interest rates unchanged at
historically low levels and reiterate its stance that rates can remain low â€śfor
an extended periodâ€ť. Based on recent economic reports, the Fed isnâ€™t expected to
make any significant changes at time. Nonetheless, the language of the
statement will be closely watched for any significant changes.
In addition to maintaining a historically low interest rate,
the Fed is likely to say that inflation is subdued and while the economy
continues to improve, the employment situation is still a major concern.
Traders will also be watching to see if there are any dissenters at this
meeting. At the last meeting, Thomas Hoenig, president of the San Francisco
Federal Reserve Bank broke rank with the other members and called for the Fed to
soften the language of its statement.
On Wednesday, the Bank of Japan is expected to maintain its
historically low overnight call rate at 0.1%. Members of the BoJ are expected
to discuss adding additional liquidity-boosting measures to help revive the economy.
Overnight the EUR USD is trading inside of its recent range.
The key issue driving this market is whether Greece
will receive bailout money from Germany
Gann angle support at 1.3640 is underpinning the market at this time.
The GBP USD is trading a little better. The market is still
trading inside of a retracement zone created by the weekly range of 1.3501 to
1.7042. This retracement zone is 1.4854 to 1.5271. The key fundamentals driving
this market are political uncertainty, the poor economy and a soft monetary
The USD JPY is trading better. Setting tomorrowâ€™s BoJ
meeting aside, this market will react to the direction of the stock market
today. Increased demand for higher risk assets is likely to underpin this
market. A breakout above downtrending Gann angle resistance at 90.83 will
likely trigger an acceleration to the upside.
The USD CHF is trading lower because of the strength in the
Euro. Yesterdayâ€™s closing price reversal bottom has been negated, putting this
market on a path toward a major 50% level at 1.0513.
The desire for higher risk assets is helping to pressure the
USD CAD. Based on the current chart formation and the downside momentum,
investors should look for this market to continue down to parity or the July 15,
2008 low at 99.74.
Greater demand for higher risk assets and position squaring
ahead of todayâ€™s Fed meeting are helping to boost the AUD USD and NZD USD.
Strength appears to be building in the New Zealand Dollar which could mean a
near-term challenge of .7124.
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