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With the Federal Reserve interest rate decision coming soon, the summer doldrums may not last for long. Many currency pairs such as the EUR/USD and GBP/USD have been trading in a range over the past few weeks as the market tries to get a clue how central banks will react to the continual rise in inflationary pressures.
Currency traders expected Federal Reserve to pause on Wednesday, and raise interest rates before the end of the year. The direction of the US dollar will be based on the tone of the FOMC statement and more specifically the degree of the Fed’s hawkishness. Dollar bulls will not be satisfied with anything short of hawkish comments from the Federal Reserve. Anything close to a lukewarm statement will be dollar bearish. In order for the dollar to continue to rally, markets need guarantee that rates will be increased over the next few months.
08:58
Posted on Jun-25-2008
