Market Calm Ahead of FOMC Storm
The forex market is experiencing a quiet session ahead of the Federal Reserve's FOMC meeting tomorrow, with traders potentially already pricing in hawkish expectations.
Major currency pairs are barely changing, with EURUSD down 0.09% and holding on to support around 1.1525. GBPUSD is down 0.13%, despite weaker-than-expected UK labor market data.
The US dollar remains the strongest currency, gaining about 0.16%, while JPY lags behind, down about 0.28%. USDJPY is up about 0.50%, trading around 155.028 and searching for a break above resistance around 155.300.
In the metals market, gold has tested resistance near $4,315 but is now trading around $4,275. Sellers still maintain control over the asset, but it's not out of the ordinary for this session. Silver has barely moved, with a daily change of about 0.06%.
WTI crude oil price jumped from support around $100/bbl to a high of $104.15 today before gains were checked, bringing it back towards $102.05/bbl. The premium from the Middle East crisis is significant.