EUR/USD is consolidating towards 1.0646 level as market participants await on the latest FOMC meeting scheduled for 2pm eastern. The market reaction might be volatile and unexpected.
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Forex, Markets, Macro Economic News Discussion.
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FED raised rates for the second time in a decade in yesterday's FOMC meeting. FED Chair Janet Yellen announced that the interest rate goes up with 0.25 basis points. The equity market didn't like the news and fell, while the EUR/USD went below 1.05. First support zone is seen at 1.0450.
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EUR/USD is trading somehow lower in the early opening hours of the week. The pair is now 1.0459 up from 1.0366. Main trend remains bearish as the pair broke the support level at 1.04. The break suggest that a move down is likely which hints to a probable parity in 2017.
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EUR/USD is trading with little to no change in today's opening hours. The pair is now 1.0404, down from today's high of 1.0479. If we break below 1.04 again then bears might have the upper hand and we could see parity in the near future. First support is seen at last low at 1.0366.
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EUR/USD is now trading slightly above 1.0405, better than yesterday's levels below the psychological 1.04 level. The pair seems more confident to try and make move to the upside before the weekend. However, bears have the upper hand and if they manage to bring it back below 1.04 for the day this might act as a catalyst for future depreciation in the near-term.
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EUR/USD is trading barely unchanged from yesterday's levels still gravitating towards the 1.04 level. Price is now a bit higher at 1.0445 and it seems that a correction is at hand as we approach years end. Important news are scheduled for later today that may alter current pace and direction.
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EUR/USD is trading a bit higher in today's session going as high as 1.0467. The pair is seen to consolidate towards current levels as bulls might be into correction before the price heads to parity, as analysts and experts predict for early 2017.
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EUR/USD is trading slightly lower today but still remains in the consolidation zone between 1.05 and 1.0390. Main trend remains bearish with current market price at 1.0435. Important events are scheduled until the end of the week that can cause some volatility in the last trading days of 2016.
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The US dollar is making a strong comeback in the first week of trading for 2017. The US currency is up against all competitors, most significantly against the euro, japanese yen and swiss franc.
All three pairs registered a move in favor of the US dollar in the second trading day for 2017 with slightly boring first day of trading for the year. However, today the EUR/USD went below 1.04 again, when a few days earlier it reached 1.0650. The swiss franc reached 1.0050 and is now back just a few points shy of 1.0300. And the japanese yen is yet again depreciated with price above 118 for a dollar.
All this comes as President elect Trump is about to step into office with his just formed administration full of financial and technological experts that are expected to take the US economy into the next level with more jobs created, tax cuts, spending cuts, higher rates and all that good stuff.
All this can infact be very dangerous for the US economy as this actually sets the bar really high and thus it would be very difficult to meet those expectations.
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