The day has come finally, the Feds will announce their decision regarding their benchmark interest rates, and markets are heavily expecting a cut by quarter basis point to take the rates down to 4.25% while markets will also be looking to the accompanying statement in order to understand the headings of the Fed's monetary policy, as for the majors they continued to incline against the weakening U.S Dollar encouraging investors into the so called Carry Trades in which they borrow in low yielding currencies such as the Yen to invest in higher yielding assets.
The Euro breached the $1.47 level yesterday, recording a low of 1.4703 rising afterwards to set a high of 1.4750.
The British Pound supported by the dollar weakness and the Carry Trades inclined against the Dollar to set a high of 2.0510 after recording a low of 2.0440.
The Yen continued to fluctuate against the U.S Dollar in a downside wave as investors' risk appetite is increasing encouraging then into the Carry Trades, as the USD/JPY pair recorded a high of 111.93 and a low of 111.63.
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