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Forex Today: Markets Look to Fed as Week Opens Quietly

Markets await Wednesday’s Fed meeting which is likely to be significant for the US Dollar and US stock markets.


  1. Markets have opened quietly this week, with several European countries (including the UK) on holiday, which means Forex market volumes are going to be quite thin until New York opens later.
  2. Markets are looking ahead to Wednesday’s meeting of the US Federal Reserve, widely expected to hike rates by 0.25%, which many analysts see as paving the way for eventual rate cuts later in 2023.
  3. Several soft commodities are performing well, with the Sugar ETF CANE and the Cocoa ETN NIB reaching new multi-year high prices over recent days.
  4. In the Forex market, the US Dollar is gaining against its long-term bearish trend. Trend traders may be watching for a new short trade if confirmed by a renewed weakening in the greenback, probably looking to be long of the EUR/USD or GBP/USD currency pairs, both of which are in confirmed long-term bullish trends, with the EUR/USD looking more reliable as it is so close to its long-term high. Over today’s Asian session, the Australian Dollar has looked like the strongest major currency, while the Canadian Dollar was the weakest.
  5. Stock markets have been mixed but mostly bullish, with the Japanese Nikkei 225 Index advancing today to a new 8-month high. Friday saw the NASDAQ 100 Index also make its highest daily closing price in 8 months.
  6. The cryptocurrency Bitcoin is again heading lower after again rejecting resistance levels confluent with the major round number at $30k.
  7. There will be a release of US ISM Manufacturing data later today.
  8. The Reserve Bank of Australia will release its Cash Rate (not expected to change from the current 3.60%) and Rate Statement.
  9. US regulators are working to ensure an orderly sale of the failed First Republic Bank.


Adam Lemon
About Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.


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