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17 Mar 2015
EUR/USD back below 1.0600
FXStreet (Córdoba) - EUR/USD extends its consolidation phase on Tuesday having recovered from 12-year lows scored last week, as investors gear up for the FOMC decision on Wednesday.
The euro has managed to move off from a low scored last Friday at 1.0461 but the upside has remained capped over the last sessions, with the latest attempt finding resistance at the 1.0650 area. EUR/USD has eased from daily highs and dipped back below the 1.0600 level to currently trade at 1.0590, still 0.23% above its opening price.
FOMC decision takes center stage
Markets' attention turns to the Federal Reserve monetary policy meeting that kicks off today to see if the bank is losing “patience” and moves closer to a rate hike. Matt Weller, analyst at FOREX.com notes that notwithstanding the recent downturn in other economic indicators and strength in the dollar, the Fed is still likely to remove its ‘patient’ wording to increase its flexibility heading into this summer. "Beyond that nod to the bulls though, the central bank may up its rhetoric around the recent strength in the US dollar, potentially offsetting any dollar-bullish impact of ‘losing patience’."
The euro has managed to move off from a low scored last Friday at 1.0461 but the upside has remained capped over the last sessions, with the latest attempt finding resistance at the 1.0650 area. EUR/USD has eased from daily highs and dipped back below the 1.0600 level to currently trade at 1.0590, still 0.23% above its opening price.
FOMC decision takes center stage
Markets' attention turns to the Federal Reserve monetary policy meeting that kicks off today to see if the bank is losing “patience” and moves closer to a rate hike. Matt Weller, analyst at FOREX.com notes that notwithstanding the recent downturn in other economic indicators and strength in the dollar, the Fed is still likely to remove its ‘patient’ wording to increase its flexibility heading into this summer. "Beyond that nod to the bulls though, the central bank may up its rhetoric around the recent strength in the US dollar, potentially offsetting any dollar-bullish impact of ‘losing patience’."