Quiet start is the noticeable thing so far today in the Forex market, as majors are trading within narrow ranges against the U.S Dollar, as all investors and analysts are waiting for next week's FOMC meeting to know their decision regarding their Benchmark Interest Rates, especially as expectations are rising about the possibility of a rate cutÃ¢â‚¬Â¦
The Euro is being traded around the 1.4260s; Sterling is being traded just near the 2.05s, while the Yen lead the U.S dollar to the 114.00s once again.
The Euro recorded a low of 1.4247 earlier today in the Asian session, rising afterwards to record a high of 1.4276 in narrow trading so far. Germany released their Import Price Index for the month of September, rising 0.6% better than the expected rise of 0.4% and the previous fall of 0.7%. While now we are waiting for the IFO data for the month of October, analysts expect the Business Climate to slightly drop to 103.8 from 104.2, as for the Current Assessment it is expected to drop also to 109.4 from 109.9. Finally, the IFO Expectations is expected to drop to 98.3 from 98.7.
The British Pound recorded a high of 2.0492 dropping afterwards to record a low of 2.0451, as no major releases are scheduled for today.
The Japanese Yen declined at the start of today's session against the U.S Dollar yet inclined back, as the USD/JPY pair recorded a high of 114.21 dropping afterwards to set a low of 113.86 in limited trading so far.
Finally the Reserve bank of New Zealand released their decision regarding their Benchmark Interest Rates, keeping rates unchanged at 8.25% as it was widely expected in the financial markets.