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  • AUD/USD sharply higher following last week's decline $AUDUSD
  • The US Dollar has put in a very strong push since the Thursday lows – and for traders looking to fade that move, the long side of GBP/USD may be attractive. Get your $GBP market update from @JStanleyFX here:
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.21% Gold: -0.71% Silver: -0.76% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.57%, while traders in GBP/JPY are at opposite extremes with 66.37%. See the summary chart below and full details and charts on DailyFX:
  • Biden administration to use 'all available tools' to challenge unfair China trade practices, still conducting comprehensive review of trade policy with China - BBG $USDCNH
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: US 500: 2.42% Wall Street: 2.17% FTSE 100: 0.26% Germany 30: 0.12% France 40: 0.10% View the performance of all markets via
  • $USDJPY is hitting fresh multi-month highs today as the pair continues to trade above the 106.50 level. The last time this pair traded at that level was in early August. $USD $JPY
  • $WTI Crude Oil is down over 4% off of today's highs, falling from an intraday high above 62.50 to currently trade right around 60.00, its lowest level since early last week. $USO $OIL
  • 🇧🇷 Balance of Trade (FEB) Actual: $1.2B Expected: $0.9B Previous: $-1.125B
How Will the Fed Decision and Forecast Effect the Dollar, SPX?

How Will the Fed Decision and Forecast Effect the Dollar, SPX?

John Kicklighter, Chief Strategist

Talking Points:

  • The Federal Open Market Committee (FOMC) will give rate decision and update its forecasts Wednesday at 18:00 GMT
  • After the unexpected reaction to recent ECB and BoJ policy changes, monetary policy's influence on markets is in flux
  • While the Dollar has rebalanced heading into the event, 'risk trends' have notably leveraged an optimistic view

How are retail traders positioning in the Dollar heading into the FOMC decision? See how speculative traders anticipate and react to the important event risk using the FXCM SSI readings on DailyFX's sentiment page.

Following the unexpected and volatile responses to the ECB's and BoJ's recent monetary policy upgrades, the tension surrounding the already high-profile Fed meeting is almost painful. The Federal Open Market Committee (FOMC) board will announce their decision on policy Wednesday afternoon, and the probability of a change to rates to follow December's 'liftoff' is particularly low. However, that doesn't ease the pressure in this event risk. Beyond accounting for a non-negligible hawkish surprise, we have a more detailed update from the US central bank that includes a press conference from Chairwoman Yellen and forecasts. While the economic projections are important for shaping the pace of monetary policy, it is the forecasts for interest rates themselves that will cut straight to the heart of speculation. We discuss the importance of this event to the Dollar's standing and the broader financial market in today's Strategy Video.

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