The dollar traded mostly sideways versus majors as all FX markets brace for the outcome of the FOMC meeting at 2 pm US time. All eyes will focus on the future of the dollar and the number of rate increases predicted for 2019, if any. Global equity markets continued to bleed into the news showing little fate that the FED will turn its forward policies around. Metals traded sideways on a flat dollar but are also expected to react to the FED today. Oil has its worst day in 2018 coming yesterday, taking a dive of more than 8% to fresh 2018 lows of 46.23$ per barrel as investors fear both a slowing global economy and excessive oversupply from US shale Oil producers. Oil closed at 15 month lows ahead of the inventories number today.
UK CPI at 9:30 am, CAD CPI at 1:30 pm, Oil Inventories at 2:30 pm and the FOMC meeting at 6 pm are the important news on the agenda Wednesday.
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