Another Day Of Waiting

The foreign currency markets can expect another quiet day as traders wait for an onslaught of economic data starting tommorow. Although the consensus is for the FOMC to leave US short term interest rates unchanged, all eyes will be looking at the language of the accompanying statement. That statement may give some insight as to how the Fed views the recent slowdown in the US economy. And most economists are expecting the ECB to signal a coming rate hike in Thursday’s statement. As we expect the EUR/USD currency pair to remain rangebound today we will only look for very short term scalping opportunities.