Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

US dollar traded with stability against the Japanese yen on Wednesday ahead of the keenly anticipated outcome of Federal Reserve Banks policy meeting, as expectations pointed asset purchase tapering to a certain extent.

USD/JPY reached a session high at 99.32 at 1:40 GMT, after which consolidation followed at 99.17, up by 0.05% for the day. Support was likely to be received at September 16th low and also an eight-month low, 98.44, while resistance was to be encountered at September 13th high, 99.97.

Market players were expecting the outcome of Fed’s two-day policy meeting. The Federal Open Market Committee (FOMC) might decrease Treasury purchases to 40 billion USD and continue to buy 40 billion USD of mortgage backed securities, according to the median estimates of experts participated in a survey by Bloomberg. Federal Reserve policymakers have pledged to maintain the benchmark interest rate at levels close to zero at least as long as unemployment rate exceeds 6.5% and the inflation outlook is no more than 2.5%. The US central bank will also release its economic forecasts for 2016 today, including its benchmark interest rate outlook.

Meanwhile, the yen was gaining against the euro, with EUR/JPY cross decreasing 0.38% to trade at 131.94 at 8:37 GMT. GBP/JPY pair was little changed, gaining 0.04% to trade at 157.75 at 8:41 GMT.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Lenovo share price up, misses profit forecast, delivers record revenueLenovo share price up, misses profit forecast, delivers record revenue Lenovo Group Ltd, the worlds biggest PC maker by sales volume, posted a disappointing fourth-quarter profit on Thursday, although full-year performance was only slightly below projections, as the company completed two major […]
  • USD/JPY distances from seven-week lows ahead of Fed meetingUSD/JPY distances from seven-week lows ahead of Fed meeting The yen declined against the US dollar as investors awaited the outcome of FOMC’s two-day meeting, where policy makers are expected to further scale back Fed’s monthly bond purchases.USD/JPY hit a session high at 103.25 at 10:15 GMT, after […]
  • Forex Market: EUR/CAD daily outlookForex Market: EUR/CAD daily outlook During Friday’s trading session EUR/CAD traded within the range of 1.5079-1.5232 and closed at 1.5209.At 7:43 GMT today EUR/CAD was gaining 0.05% for the day to trade at 1.5216. The pair touched a daily high at 1.5230 during the early […]
  • Commodities trading outlook: gold little changed, copper downCommodities trading outlook: gold little changed, copper down Gold futures were little changed during midday trade in Europe today, as traders hold back big moves ahead of the Feds meeting next week. Meanwhile, copper futures dropped as the strong dollar weighed.Gold futures for December delivery on […]
  • Oil gains as inventories fallOil gains as inventories fall WTI crude traded higher in the early part of the Asian trading session, supported by expectation of declining stockpiles. According to the American Petroleum Institutes industry report crude reserves shrank by 7,8 million barrels in the week […]
  • Sensient Technologies announces $0.41 quarterly dividendSensient Technologies announces $0.41 quarterly dividend Sensient Technologies Corp (NYSE: SXT), a global manufacturer and marketer of colors, flavors and other specialty ingredients, said that its Board of Directors had authorized a quarterly cash dividend of $0.41 per share of common stock.The […]