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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Avatradescn]: The Bank of Japan maintains the status quo and shifts its focus to the Federal Reserve's interest rate resolution." Hope it will be helpful to you! The original content is as follows:
On March 19, investors chose to stay on the wait and see, waiting for the Federal Reserve to announce its monetary policy decision after its March meeting. The U.S. central bank will also release a revised summary of economic forecasts (SEP), the so-called dot map.
On Tuesday, the US dollar failed to benefit from the risk-averse market atmosphere, and the US dollar index closed in the negative territory for the third consecutive day. In early Wednesday, the index consolidated sideways, slightly below 103.50. Meanwhile, U.S. stock index futures rose slightly after major Wall Street indexes fell sharply on Tuesday. The market generally expects the Federal Reserve to keep interest rates unchanged at 4.25%-4.5%. Market participants will carefully study the revised inflation and growth forecasts and closely monitor Chairman Jerome Powell's avatradescn.comments at the post-conference press conference which begins at 18:30 GMT.
The Bank of Japan (BoJ) announced that, as expected, short-term interest rates will be kept within the range of 0.40%-0.50% after the two-day monetary policy review meeting. Bank of Japan Governor Kazuma Ueda also said they would continue to adjust the extent of monetary easing, adding that the basic inflation rate is still below 2%. The USD/JPY gained traction in early European sessions and hit a two-week high around 150.00.
Basic foreign exchange market trends:
Euro/USD recorded daily gains on Tuesday and hit its highest level since early October above 1.0950. The pair is still in the consolidation stage, but successfully held steadily above 1.0900 in the early trading of Europe. In this transaction, please visit avatradescn.comEuropean Statistics Office will release a revision of February inflation data later. Several European Central Bank (ECB) policymakers are also planning to speak.
GBP/USD pulled back after a slightly higher Tuesday and traded below 1.3000. The Bank of England will announce a monetary policy decision on Thursday.
Bulle market fundamentals:
Gold benefits from escalating geopolitical tensions, earlier The last trading price hits a record high above $3040.
Analysis of major currencies:
Euro: The intraday bias of the euro/dollar is still on the upward trend. The current rebound from 1.0176 should aim at the key resistance level 1.1274. However, the downside is that breaking through 1.0821 support will indicate a short-term peak and a bearish divergence condition may occur in 4HMACD. This will bring the bias back to the downside, resulting in a deeper pullback.
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