FX Markets Gear Up for FOMC; USD Hangs by a Thread
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The U.S. Dollar has remained on the defensive following the summer months with the DXY hanging by a thread as we head into the FOMC interest rate decision. With Fed Fund Futures highlighting a 98% likelihood the Fed will hold, markets will be closely eyeing the updated forecasts & interest rate dot plot from Janet Yellen & Co.
An examination of price action highlights the threat of a near-term low in the greenback (high in EURUSD) with the DXY still trading in risky territory ahead of his week’s major event risk. We also took a close look at a few Sterling crosses as the breakout approaches key initial resistance targets. A good week to trade a bit more defensive, especially as some of these rallies start to show near-term signs of exhaustion.
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Key Data Releases
Other Setups in Play:
- Bitcoin Prices Continue to Bleed- Levels to Know as Crypto Collapses
- Ethereum Prices Search for Support as Adoption Doubts Intensify
- EUR/USD Battle Lines Drawn
- A Weekly Technical Perspective for USD Majors
See our 3Q FX projections in the Free DailyFX Trading Forecasts.
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.