Fed In The Spotlight
TFI Markets | Dec 19, 2013 04:11AM ET
Trading seems subdued and currencies are in a tight range as the market is awaiting the outcome of the FOMC meeting later on in the day. The market will be waiting to see if the FED will announce the beginning of tapering and the gradual reduction of its bond buying programme or if it will hold off tapering until next year. The currency that was a market mover today was the pound, as data releases came in better than expected. The GBP went higher on better jobs data, with the November UK claimant count coming in at -36.7k while the unemployment rate fell to 7.4% from a previous 7.6% while the December UK CBI distributive trades came in at 34 from an expected 10. The Gbp/Usd rallied to 1.6387 while the Eur/Gbp fell to 0.8387.
Trade Idea
USDJPY
The pair remains in a tight 100-pip range the last several sessions, with pressure adding to break upwards. Depending on the FOMC outcome tonight, the pair may break its resistance and target the 103.90 or even higher.
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