USD lost positions before FED meeting

Noam Stiekema

The USD extended its two-day decline against the EUR amid begin later today a meeting of the US Federal Reserve. The increased expectations that central bankers will keep interest rates at current levels for a longer period, putting pressure on the USD. The USD lost positions and is on track to record the first monthly […]

USD cash money

USD cash moneyThe USD extended its two-day decline against the EUR amid begin later today a meeting of the US Federal Reserve. The increased expectations that central bankers will keep interest rates at current levels for a longer period, putting pressure on the USD. The USD lost positions and is on track to record the first monthly loss against a basket of ten major currencies since June, after market participants changed their expectations for the moment that the US central bank will raise interest rates. Bets that happen in October 2015, collapsed to 49% compared to 85% at the end of last month. On the other hand, the greenback gained 5.9 percent in the last three months, which made ​​them the best-performing currency among those of developed countries. Starting later today a two-day meeting of central bankers from the US will probably pass under the sign of the termination of the quantitative easing program. Since this move is now calculated from the market, the news of termination of the program will lead to serious moves.

The main theme of which excite specialists at the moment is related to the levels of interest rates in the US. The base rate is near zero since December 2008, and speculation was that he would be promoted to the middle of next year. End earlier this month related news concerns the growth of the global economy, changed expectations and currently speculation about the exact point at which to start the increase in interest rates, are very diverse. Eyes will be directed to the press conference of the President of the Federal Reserve Janet Yellen, which will take place after the two-day meeting. Speaking to analysts will seek further plans of central bankers about interest rates, it is precisely this news will likely determine the performance of the USD in the coming weeks.

One EUR is exchanged for 1.2690 USD, close to the lowest levels of the day. The pair GBP/USD is around 1.6100 and also oscillates around the bottoms of today. At the same time a USD is trading around 108.00 JPY.

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