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
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
Wall Street
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX!
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here:
  • The US Dollar may seesaw as investors navigate what could be a volatile week packed with US GDP data, rising Covid-19 cases, Q3 corporate earnings and more. Get your #currencies update from @ZabelinDimitri here:
  • USD/MXN pushes lower towards a critical support level in the midst of continued political uncertainty. Get your #currencies update from @HathornSabin here:
  • Gold Forecast - via @DailyFX “Gold price outlook still hinges on stimulus deal expectations and corresponding swings in real yields.” What will I have my eyes on in the week ahead? Link to Analysis: $GC_F $XAUUSD $GLD
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Talks between the EU and UK restarted today and will continue over the weekend as negotiators from both sides battle against the clock. Get your #currencies update from @nickcawley1 here:
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here:
USD Firms Ahead of FOMC Decision, Oil Eases on API Build - US Market Open

USD Firms Ahead of FOMC Decision, Oil Eases on API Build - US Market Open

2018-09-26 13:30:00
Justin McQueen, Analyst


USD: The US Dollar is firmer ahead of the FOMC rate decision. Expectations is for the Federal Reserve to raise interest rates by 25bps to 2.00-2.25%. However, with this fully priced in, focus will be on the dot plot projections and the accompanying statement, with many touting that the word “accommodative” could be removed or altered. If indeed the rhetoric is removed, this may signal that the FOMC are reaching the nearing the peak in their policy potentially placing the Dollar on the backfoot. While a lack of new information from the Fed may also disappoint those expecting a hawkish tilt.

Crude Oil: Crude oil futures have eased slightly today, following a surprise build in yesterday’s API report. Focus on the DoE crude report at 1430GMT. However, oil prices remain at elevated levels with concerns over the looming sanctions on Iran, alongside the drop in Venezuelan oil production. With regard to Iran, the second largest importer of Iranian oil stated yesterday that they will reduce Iranian oil purchases to zero from November (Previously imported 500-700k). Elsewhere, with OPEC’s decision to rebuff Trump’s demand to boost output and lower oil prices, markets are preparing for a more direct approach from the President prior to the mid-terms with a potential SPR release.

DailyFX Economic Calendar: Wednesday, September 26, 2018 – North American Releases

USD Firms Ahead of FOMC Decision, Oil Eases on API Build - US Market Open

DailyFX Webinar Calendar: Wednesday, September 26, 2018

USD Firms Ahead of FOMC Decision, Oil Eases on API Build - US Market Open

IG Client Sentiment: US OilChart of the Day

USD Firms Ahead of FOMC Decision, Oil Eases on API Build - US Market Open

Oil - US Crude: Retail trader data shows 46.6% of traders are net-long with the ratio of traders short to long at 1.14 to 1. The number of traders net-long is 12.5% higher than yesterday and 44.5% higher from last week, while the number of traders net-short is 7.8% higher than yesterday and 87.8% higher from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests Oil - US Crude prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The combination of current sentiment and recent changes gives us a further mixed Oil - US Crude trading bias.

Five Things Traders are Reading

  1. Preview for September FOMC Meeting and Outlook for US Dollarby Christopher Vecchio, CFA , Sr. Currency Strategist
  2. Bitcoin, Ether, Ripple, Litecoin - Charts Mixed and of Interest | Webinar" by Nick Cawley, Market Analyst
  3. S&P 500, Dow Jones and Nasdaq Eying Further Gains, Fed Provides Riskby Justin McQueen, Market Analyst
  4. Trading Outlook for EUR/USD, USD/JPY, Gold Price & More” by Paul Robinson, Market Analyst
  5. GBPUSD Outlook Buffeted by FOMC Rate Outlook and Brexit News” by Nick Cawley, Market Analyst

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.comFollow Justin on Twitter @JMcQueenFX

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