EUR/USD today: the market is waiting for the US Federal Reserve meeting results

On Tuesday, the trades closed with restrained growth of the EUR/USD pair, keeping the restrained dynamics, which can be traced from the start of the week. The limiting factor of this pair and the US dollar in general is the expectation of the US Federal Reserve meeting results, which is expected to revise the plan for rates hikes in the US.

Events for today:

• 15:00 – consumer price index (CPI) of Germany (m/m) (January) will be released.
• 15:15 – ADP nonfarm employment change (Jan) USA.
• 15:30 – preliminary data for the United States: GDP (q/q) (Q4) and GDP deflator (q/q) (Q4).
• 17:00 – pending home sales index (m/m) (December) US.
• 17:30 – data on oil inventories in the United States.
• 21:00 – the US Federal Reserve meeting minutes: the FOMC statement and the Fed interest rate decision.
• 21:30 – FOMC press conference will be held.

The day today is full of statistics on the United States. Despite the fact that the main event of the day will be the publication of the  US Federal Reserve meeting results, market attention will also be focused on preliminary data on GDP and employment in the United States.

In the conditions of maintaining market restraint, it is expected that the EUR/USD pair will maintain lateral dynamics, which can be disrupted by the US data. The main movement on the American dollar is expected on the publication of the Fed protocols and the speech of US Federal Reserve Chairman Powell. The main focus of the market will be on rates hikes this year and their number. Significant support levels are: 1.1410-00, 1.1370 and 1.1340, resistances: 1.1470-60, 1.1500-20 and 1.1550-60.

Read also: “What is the Monetary Policy and the Tools for its Regulation”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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