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. See our updated Privacy Policy here.



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
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
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here:
US Dollar Steady as FOMC Holds on Rates, December Rate Hike on Track

US Dollar Steady as FOMC Holds on Rates, December Rate Hike on Track

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- FOMC holds benchmark interest rate in range of 1.00-1.25%, as was expected by markets (Fed funds futures were pricing in a 0% chance pre-meeting).

- Near-term Fed interest rate glide path remains unchanged from June 2017: another hike is expected in December, and three more are anticipated in 2018; markets only pricing in one hike for 2018 per Fed funds futures contracts.

- US Dollar sentiment remains largely neutral per the IG Client Sentiment index.

See the full DailyFX Webinar Calendar for upcoming strategy sessions

The Federal Reserve surprised no one today when the FOMC announced they would keep the main overnight benchmark rate into a range of 1.00-1.25%, as was priced into the market well in advance of today’s policy meeting: there was a 0% chance of a rate move, per Fed funds futures contracts. The simple reality was that, given that this meeting would produce neither a new summary of economic projections nor a press conference for Fed Chair Janet Yellen, the FOMC wasn’t going to do anything to begin with.

Given this backdrop, it’s of little surprise then that a relatively vanilla policy statement has led to only a minor reaction in USD-pairs. To this end, it seems that the policy statement came in right on the nose. The policy statement indicated that the Fed believed economic activity was rising at “solid rate despite [the] storms,” which decimated the southeastern United States at the end of Q3’17. Elsewhere, the labor market “continued to strengthen,” while core inflation “remained soft.”

Overall, the Fed said it expects the economy to evolve in a way warranting “gradual rate hikes,” keeping December in the crosshairs for the next policy shift.

In sum, today’s statement can be seen as exactly than what markets were expecting ahead of time, given the outlook for another hike this year; Fed funds were pricing in a 70% chance of a third rate hike in 2017 ahead of the FOMC meeting today, where they remained afterwards as well.

As a reminder, at the September policy meeting, the FOMC saw the median Fed funds rate at 1.4% at the end of 2017, as they did in December 2017, March 2017, and June 2017; and the median Fed funds rate at 2.1% at the end of 2018, as they did in December 2016, March 2017, and June 2017.

See the DailyFX economic calendar for Wednesday, November 1, 2017

Chart 1: DXY Index 1-minute Chart (November 1, 2017 Intraday)

US Dollar Steady as FOMC Holds on Rates, December Rate Hike on Track

Immediately following the policy statement release, the US Dollar clawed back losses from earlier in the session, but made no significant progress one way or the other on the day. In fact, the DXY Index has been rangebound between 94.60 and 94.86 since 8 EDT/12 GMT. The DXY Index was trading at 94.78 at the time this report was written.

Follow updates regarding the Fed’s rate decision as well as other data and events moving FX markets in the DailyFX Real Time News feed.

Read more: USD Uptrend Steady Before FOMC; GBP Risky Ahead of BOE

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail

Follow him on Twitter at @CVecchioFX

To be added to Christopher's e-mail distribution list, please fill out this form

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