Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Forex Today: ECB Rate Hike Decision Awaits

The Forex market will be highly focused on today’s European Central Bank policy release, which might result in a rate hike from 4.25% to 4.50% in the main refinancing rate.

Top Forex Brokers

        
    1. The European Central Bank will be holding a policy meeting today at which it is expected to hold rates, despite continuing fears over unacceptably hot inflationary pressures. Some analysts expect that there will be a 0.25% rate hike by the Bank today.
    2. Yesterday’s release of US CPI (inflation) data saw monthly CPI come in as expected, while Core CPI was just slightly above expectations, putting annualized inflation slightly higher than expected at 3.7% instead of 3.6%. The release, apart from triggering short-term volatility, seems to have had little impact on the market, although stock markets are mostly a bit higher.
    3. The Forex market is seeing a softer US Dollar. Since the Tokyo open, the US Dollar has been the weakest major currency, while the Swiss Franc has been the strongest. However, the US Dollar remains within a valid long-term bullish trend, keeping the USD/JPY currency pair in focus on the long side for trend traders.
    4. Crude Oil remains strong, WTI again reaching a new 10-month high price yesterday above $89. OPEC a, making it very attractive to trend traders on the long side.
    5. Cocoa futures rose strongly yesterday to reach another new multi-year high price.
    6. There will be releases today of crucial US economic data: PPI, retail sales, and unemployment claims.
    7. Bitcoin is threatening to break down to new 2-month lows as the crypto sector remains weak, with the price unable to get established above the key resistance level at $26,329.
    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.

    Most Visited Forex Broker Reviews