Pre-FOCM Interest Rate Decision Trading Plan for 20/09/2017:
The forex market volatility is currently very limited as market participants await FOMC statement tonight. The USD is slightly weaker during Asian trade, however, it looks like cosmetic alignment before the evening events. The EUR/USD pair barely swings above 1.20, and USD/JPY drops below 111.50 after two unsuccessful attempts to break out above 111.80. The stock market also maintains yesterday’s range and Crude Oil continues to stand in place. Gold takes advantage of halting the USD uptrend and managed to rebound from $1,305 level. Now it is at $1,313, but the future direction will be heavily dependent on the FOMC decision on the US debt market and the Dollar.
On Wednesday 20th of September, the event calendar will get busy with important news release during the late US session, when the FOMC announces its interest rate decision, statement and economic projections. During the London session, the data to be released are German PPI Index and Retail Sales With Auto Fuel from the UK.