The dollar traded lower across the board versus majors ahead of the release of the FOMC Statement tonight. Investors anticipate a continuation in the path that made the turnaround for markets in December, i.e. a dovish Fed that is going to stay away from further rate increases and even may turn the table all together for future rate moves. Most FX markets traded in narrow ranges with very little market moving news surfacing yesterday. EU and US equity markets traded a lackluster session closing mostly positive, as investors look to the FED day with lots of confidence in the path established in 2019. Metals traded higher on a softer dollar and OIL traded sideways in anticipation of the release of the Inventories numbers today in the afternoon.
UK CPI at 9:30 am, Oil Inventories at 2:30 pm and the FOMC Statement at 6:00 pm are the important news on the agenda Wednesday. (all times GMT).
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