The US Federal Reserve will be holding a policy meeting today, where it is very widely expected to leave interest rates unchanged.
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The major event in the global Forex calendar takes place today: a policy meeting at the US Federal Reserve. The Fed is expected by almost everyone to leave rates unchanged, with no consensus on a rate cut before the July meeting, according to the CME FedWatch tool. In the very unlikely event that the Fed cuts rates, we will see a sharp fall by the USD and a sharp rise in major US stock market indices.
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The precious metal Gold rose strongly yesterday to close in New York at a record high. This will likely attract trend trader entries long, but bulls should be aware that the price never made a new absolute record high price, so this breakout is at least a bit doubtful.
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China cut its interest rate to 1.4% and added monetary stimulus to boost its economy ahead of trade talks with the USA. The offshore Chinese Yuan weakened on the news, but not by very much.
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India struck some sites in Pakistan that it claims were linked to a recent terrorist attack in India. The USD/INR currency pair lost some ground on the news, but by nothing special.
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Bitcoin invalidated the former key resistance level at $95,206, which is a bullish sign. We may now see a decisive bullish breakout, but not before the price closes in New York above $110,000.
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The Forex market has seen the US Dollar decline a little today. Since today’s Asian session open, the New Zealand has been the strongest major currency and the Japanese Yen the weakest one. The EUR/USD currency pair remains in a long-term bullish trend and most analysts will see it that way as long as the price holds up above the key support level at $1.1241.
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There will be a release today of New Zealand Unemployment Rate data.
