20 March 2024, EUR/USD
An event to watch out for today:
10:45. EUR - ECB President Christine Lagarde to deliver a speech
20:00. USD - FOMC decision on the key interest rate
EURUSD:
The Euro-dollar pair is trading flat above the mid-1.0800s at the start of the Asian session on Wednesday. Meanwhile, the US Dollar Index (DXY) is consolidating its gains near three-week highs of 103.80. Traders are expecting the Federal Open Market Committee (FOMC) monetary policy meeting later in the day and will be more focused on Chairman Jerome Powell's press conference and economic forecasts after the meeting. The major pair is currently trading at 1.0865, unchanged for the day.
The Federal Open Market Committee (FOMC) is expected to leave the key federal funds interest rate unchanged in the 5.25%-5.5% range and maintain its macroeconomic outlook at its March meeting on Wednesday. Analysts expect Powell to reiterate that the central bank wants to see evidence of inflation-fighting data before cutting rates. Financial markets are expecting a 25 basis points (bps) rate cut in July and an overall cut of 100 bps this year. The US Dollar (USD) has attracted some buying in recent sessions as market expectations for a rate cut have been lowered.
Trading recommendation: Trade in the range of 1.0835-1.0900 on the rebound from the levels
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