Forex Today: Fed set to trigger high volatility, oil falls, altcoins advance
|Here is what you need to know on Wednesday, September 18:
- Tension is mounting ahead of the Federal Reserve decision later today. Economists expect a 25 basis point rate cut amid slowing global growth and investment. On the other hand, rising inflation, upbeat consumer activity, and the trade detente have triggered a rethink of sorts in bond markets – the odds of a rate reduction have dropped.
- Currency movement has been subdued ahead of the event with EUR/USD trading below 1.11 and GBP/USD below 1.25.
- Oil prices have been consolidating their losses after Saudi Arabia announced it is able to restore a substantial part of its lost oil production.
- UK inflation figures are projected to show a decrease in headline Consumer Price Index. Canadian CPI is also projected to retreat. US building permits and housing starts are projected to hover around previous levels.
- Cryptocurrencies: Ethereum and Ripple have been extending their gains as the Altcoin segment surges and while Bitcoin stagnates just above $10,000.
See Federal Reserve Preview September 17-18 FOMC: Even Odds
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