Forex today rebounded in Asia as fears about the China Novel Coronavirus subsides. Investors instead cheered the upbeat US and Australian economic figures. Across the board, the Australian dollar emerged as the winner because of upbeat Australian CPI data that eased expectations of a pending FEB RBA rate cut. Meanwhile, both the euro and pound traded on the backfoot amid broad-based US dollar strength.
The Fed interest rate decision is the immediate focus today and could likely set the tone after its release. Steady rate policy is expected at the first meeting of 2020. Fed Chair Jerome Powell’s economic outlook for the first half of the year will also be closely watched as Fed foresees little change. Meanwhile, coronavirus updates and EU-UK Brexit trade talks will still grab some attention and impact market sentiment.
NOTE: Traders are advised to be cautious and be updated on the major economic news causing high volatility to achieve better trading results.
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