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USD dollar weakens ahead of FOMC

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Greenback weakened in the market the hour before the FOMC statement. Markets expect the Federal Reserve to leave interest rate unchanged while the words in the statement will be watched for clues about the future path of monetary policy.

    The US Dollar Index attempted to recover earlier but it found resistance at 96.80 and bounce back to the downside hitting a fresh low at 96.45. It was trading near the lows moving with a bearish bias. Greenback moved higher versus the yen but modestly, USD/JPY broke a small range and climbed above 120.50.

    Gold also pulled back and moved off daily highs, retreating from $1182 to $1174. Stocks in Wall Street were rising, holding near the highs. The Dow Jones was up 0.60% and the Nasdaq was gaining 0.76%.
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