News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • US 10yr yields have notably tightened, falling from 1.10% yesterday to trade around 1.04% today. Yields still remain elevated in 2021 compared to earlier in the pandemic. $GOVT $IEF $USD
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇
  • $EURGBP is currently trading around 0.8855, nearing the lows set around 0.8840 last week. A break below this level would mark the pair's lowest level since May. $EUR $GBP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.50%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: 0.50% Gold: -0.17% Oil - US Crude: -0.27% View the performance of all markets via
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.49% 🇬🇧GBP: 0.40% 🇦🇺AUD: 0.35% 🇪🇺EUR: 0.10% 🇯🇵JPY: 0.07% 🇨🇭CHF: 0.06% View the performance of all markets via
  • The DAX is breaking lower out of a short-term topping sequence, the pattern discussed on Thursday as having the potential to at least induce a pullback within the context of a larger uptrend. Get your #DAX market update from @PaulRobinsonFX here:
  • Yellen officially sworn in as Treasury Secretary by VP Harris. $USD
  • Gold Price Forecast: XAU/USD Resistance Bound Ahead of the Fed $Gold
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: France 40: -0.08% Wall Street: -0.09% US 500: -0.20% Germany 30: -0.21% FTSE 100: -0.24% View the performance of all markets via
Forex: Bearish Euro & JPY Setup in Focus Ahead of FOMC Meeting

Forex: Bearish Euro & JPY Setup in Focus Ahead of FOMC Meeting

David Song, Gregory Marks,

- Federal Open Market Committee (FOMC) to Taper Another $10B

- Ben Bernanke Attends Last Meeting as Fed Chairman

Trading the News: Federal Open Market Committee Meeting

The Federal Open Market Committee (FOMC) is widely expected to reduce its asset-purchase by another $10B as the benefits of quantitative easing now outweighs the costs, and the policy outlook may prop up the dollar in February as the central bank moves away from its easing cycle.

What’s Expected:

Time of release: 01/29/2014 19:00 GMT, 14:00 EST

Primary Pair Impact: EURUSD

Expected: $65B

Previous: $75B

DailyFX Forecast: $65B

Why Is This Event Important:

However, we may see a growing number of Fed officials favor a less-aggressive approach in normalizing monetary policy amid the spillover-effects to the global economy, and a material shift in central bank rhetoric may undermine the bullish sentiment surrounding the dollar if the FOMC implements a dovish twist to its forward-guidance.

Expectations: Bullish Argument/Scenario




Advance Retail Sales (MoM) (DEC)



Unemployment Rate (DEC)



Gross Domestic Product (Annualized) (QoQ) (2Q F)



The Fed may adopt a more neutral tone for monetary policy as the central bank anticipates a stronger recovery in 2014, and we may see a bullish reaction in the dollar should the committee lay out a more detailed exit strategy.

Risk: Bearish Argument/Scenario




U. of Michigan Confidence (JAN P)



Average Hourly Earnings (YoY) (DEC)



Personal Income (NOV)



Nevertheless, the FOMC may implement a wait-and-see approach amid the uncertainties surrounding the world economy, and the greenback may face a further decline over the near-term if the central bank shows a greater willingness to retain its highly accommodative policy stance for an extended period of time.

How To Trade This Event Risk(Video)

For Full Coverage of the FOMC Meeting, Join DailyFX on Demand

BullishUSD Trade: FOMC Delivers Another $10B Taper & Pledges to Stay on Course

  • Need red, five-minute candle following the print to consider a short EURUSD trade
  • If market reaction favors a long dollar trade, short EURUSD with two separate position
  • Place stop at the near-by swing high/reasonable distance from entry; look for at least 1:1 risk-to-reward
  • Move stop to entry on remaining position once initial target is hit, set reasonable limit

Bearish USD Trade: Fed Keeps QE at $75B; Sees Further Delay in Exit Strategy

  • Need green, five-minute candle to favor a long EURUSD trade
  • Implement same setup as the bullish dollar trade, just in opposite direction

Potential Price Targets For The Rate Decision


Forex_Bearish_Euro_JPY_Setup_in_Focus_Ahead_of_FOMC_Meeting_body_Picture_2.png, Forex: Bearish Euro & JPY Setup in Focus Ahead of FOMC Meeting

Chart - Created Using FXCM Marketscope 2.0

  • Downward Trend Taking Shape Amid Failure to Close Above 1.3800
  • Bearish Divergence in Relative Strength Index Favors Downside Targets
  • Interim Resistance: 1.3800 (100.0 expansion) to 1.3830 (61.8 retracement)
  • Interim Support: 1.3490 (50.0% retracement) to 1.3530 (61.8% expansion)

Impact that the FOMC Interest Rate Decision has had on EUR/USD during the last release


Data Released



Pips Change

(1 Hour post event )

Pips Change

(End of Day post event)

Dec 2013

12/18/2013 19:00 GMT





December 2013 Federal Open Market Committee Interest Rate Decision

Forex_Bearish_Euro_JPY_Setup_in_Focus_Ahead_of_FOMC_Meeting_body_Picture_1.png, Forex: Bearish Euro & JPY Setup in Focus Ahead of FOMC Meeting

Despite many market participants calling for the first taper of the Fed’s asset purchase program in March, the FOMC came out with a $10B taper split evenly between Treasury and MBS purchases. The surprise sent USD pairs whipsawing to the up and downside before finally ending in USD strength against the majors. Moving into Wednesday’s January FOMC meeting, it is important to note that the USDollar index is just slightly below where we were at the daily close of the last FOMC day. This is a critical juncture for global markets with emerging market currencies selling off with equities over the past week. If we are to see another $10B taper as expected, extreme volatility and USD strength cannot be ruled out. If the recent selloff and last NFP report force the Fed’s hand and lead the FOMC to delay a January/February taper, the greenback will certainly falter on the back of a dovish Fed decision. Note: there is no February meeting and this will be the last rate decision out of the Fed until March 19th.

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.

New to FX? Watch this Video

Join us to discuss the outlook for the major currencies on the DailyFXForums

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.