| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.492 | 108.35 | 2.0035 | 1.103 | |
| Resistance | 1.486 | 107.9 | 2 | 1.099 |
| 1.48 | 107.15 | 1.993 | 1.096 | |
| 1.4715 | 106.65 | 1.9815 | 1.0915 | |
| Support | 1.466 | 106.4 | 1.973 | 1.0885 |
| 1.459 | 106 | 1.968 | 1.084 |
Yesterday, data showing surprisingly strong U.S. durable goods orders in December helped to ease some of the gloom about the economy's health, even as other figures showed housing prices in 10 metropolitan areas posted a record drop in November.
Today, the Federal Open Market Committee votes on where to set the nation’s short term interest rate due to the economic conditions that effected their decision at 19:15 GMT. The dollar was steady against a basket of currencies on Wednesday, with investors waiting to see how big an interest rate cut the Federal Reserve will be in order to prevent a U.S. recession.
It seems to be that the Fed is going for another cut of 25 or 50 basis points, even after the surprise decision from last week's emergency 75 basis point rate slash. Futures on the fed funds rate were showing a roughly 70 percent chance of a half-point cut. Last week's aggressive cut, the Fed said it was acting to counter a deteriorating economic outlook and increasing risks to growth. The move also came after a sharp sell-off in stocks at the start of the year on fears of a U.S. recession.
A hefty Fed rate cut from the current 3.5 percent could cut both ways for the dollar, which has slipped back towards record lows hit last year against a basket of currencies. While a bigger cut would erode the dollar's yield appeal for investors, it could boost hopes that the economy can avoid a sharper downturn this year and next and as a result give the U.S. currency a lift.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 21:45 | Trade Balance | NZD | Jan | -0.65b | 3 | |
| 19:15 | Interest Rate Statement | USD | 3.50% | 4 | ||
| 15:30 | Crude Oil Inventories | USD | 2 | |||
| 13:30 | ADP Nonfarm Employment Change | USD | Jan | 40k | 3 | |
| 13:30 | GDP Deflator | USD | Quarterly | 1.00% | 3 | |
| 13:15 | GDP Annualized q/q | USD | Quarterly | 4.90% | 3 | |
| 10:30 | Leading Index m/m | CHF | Jan | 1.99 | 3 | |
| 9:30 | Consumer Credit | GBP | Dec | 1.12b | 2 | |
| 9:30 | Mortgage Approvals | GBP | Dec | 83.0k | 2 |
