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GBP is the strongest and the AUD is the weakest before FOMC

GBP is the strongest and the AUD is the weakest before FOMC

Information is not investment advice

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAU/USD: Gold facing a further weakness the last hours and trading near a full retracement area. Gold remains weak before the important FOMC decision.

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US Market View

U.S. stocks are seen mixed in tight trading ranges Wednesday, with the Federal Reserve set to conclude its two-day meeting later in the session. The central bank is expected to keep rates unchanged and its $120 billion pace of monthly bond purchases on hold. Of more interest will be its updated economic predictionsand its predicted path of interest rate movements going forward. In addition, the Fed will likely say whether it's extending a key exemption on bank capital requirements that could have far-reaching consequences for the bond market.

Rises in Treasury yields caused largely by bets the central bank will have no option but to step up bond buying as the pace of inflation is set to accelerate have been a key factor influencing the movement in stocks in recent weeks, specifically the tech sector, with higher rates forcing a shift into value stocks from growth.

Oil prices weakened Wednesday, after the warned that global demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter.

USA Key Point

  • Treasury yields continue to climb ahead of the Fed.
  • Japan reportedly making final preparations to end Tokyo state of emergency.
  • Treasury yields nudge a little higher, but it will all come down to the Fed today.
  • GBP/USD Price Analysis: Struggles to find acceptance above 100-hour SMA.
  • EUR/GBP to break below the key 0.8520 support.
  • AUD/USD trades in lower half of weekly range below 0.7750, eyes on FOMC.
  • Euro area annual Core CPI remains steady at 1.1% as expected.
  • USD/JPY: Positive phase could end below 108.50.
  • Merkel's party slides in poll as anger grows over virus management.
  • Korea: No Reason To Stop AstraZeneca Vaccine
  • EURUSD stays below its 200-hour MA.
  • US Housing starts for February 1421M vs 1560M than estimate.

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Gold isn't saving investors from inflation

Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

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