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Markets are grinding to a halt ahead of the important FOMC meeting today. The Euro's total daily range is currently only 24 pips, with a high at 1.2747 and a low at 1.2723. Added to this is the fact that there is no clear market direction. The Euro is flat, the Pound is down while the Aussie is up against the Dollar.
The Federal Reserve is widely expected to end QE3 at its meeting today. Market participants will be looking carefully at the statement for cues on when we can expect the first interest rate hikes.The FOMC views on inflation will also be important to judge when the Central Bank may make its move.
Given some recent statements from FOMC members, I don't expect to see a hawkish statement today. With inflation staying below the 2% threshold and a dovish Chairman at the helm, the Bank would not be interested in hiking rates anytime soon. A dovish statement on the other hand is a possibility so I'm sticking with my Dollar shorts, although I will likely tighten my SL aheead of the meeting.
The Federal Reserve is widely expected to end QE3 at its meeting today. Market participants will be looking carefully at the statement for cues on when we can expect the first interest rate hikes.The FOMC views on inflation will also be important to judge when the Central Bank may make its move.
Given some recent statements from FOMC members, I don't expect to see a hawkish statement today. With inflation staying below the 2% threshold and a dovish Chairman at the helm, the Bank would not be interested in hiking rates anytime soon. A dovish statement on the other hand is a possibility so I'm sticking with my Dollar shorts, although I will likely tighten my SL aheead of the meeting.
