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The Dollar Drops One Session Before the Fed's Rate Decision
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The Dollar Drops One Session Before the Fed's Rate DecisionThe Fed kicked off its two day interest rate meeting today causing slight volatility in the intraday session. Even though the decision itself will only be released tomorrow, and normally has an affect on the intraday session, many investors are now looking past the decision itself, concentrating on recent economic data and the Fed's Outlook.
Recent data from the U.S has shown a dramatic turnaround, as various sectors have bounced off their lows. Some of the results have shown an impressive improvement, such as retail sales and housing data. After yesterday's gloomy day, Dollar counterparts snapped back, and increased during the session. The EUR/USD climbed dramatically, while the AUD/USD also showed an impressive session, increasing by over 100 pips.
Fifteen minutes, prior to the U.S open, futures are now showing a postive start. Even though sessions prior to Fed meetings are normally characterized by low volatility, this session could be slightly different - esspecially as some investors are now hoping to hear words that will hint towards future rate hikes.
Looking forward, the House Index and the Richmond Fed survey is scheduled to be released shortly. In addition New-zealand could affect the NZD crosses later on during the session, as they are scheduled to release their GDP figure. The current consensus is a no change figure of -2.7%
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