Forex Today: Volatility to return with the Fed
|Here is what you need to know Wednesday, December 11th:
- The market remained in wait-and-see mode, with the dollar pressured amid mounting trade concerns. No progress was reported on the US-China trade deal front, neither in the USMCA deal.
- The US Federal Reserve will announce its latest monetary policy decision this Wednesday. After cutting rate three consecutive months, the central bank is expected to remain on-hold, with the focus on any guidance on what’s coming in 2020.
- UK data missed the market’s expectations, painting a gloomy picture of the local economy. Yet, the GBP/USD pair flirted with 1.3200, amid prevalent hopes UK PM Johnson will be able to win enough seats in Parliament to pass his Brexit deal. The pair retreated from the level ahead of the YouGov poll to be out during the Asian session.
- German ZEW survey surprised to the upside, but the EUR/USD pair was unable to extend gains beyond the 1.1100 threshold.
- Asian and European equities closed in the red, although Wall Street managed to shrug off part of the dismal mood, ending the day mixed but off daily lows.
- Commodities posted modest intraday gains amid the prevalent dollar’s weakness.
- Cryptocurrencies eased extended their slides, BTC/USD closer to $7,000.00.
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