{"id":161613,"date":"2019-12-12T07:15:39","date_gmt":"2019-12-12T12:15:39","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=161613"},"modified":"2019-12-12T06:52:54","modified_gmt":"2019-12-12T11:52:54","slug":"fed-keeps-rates-unchanged-as-expected","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/12\/fed-keeps-rates-unchanged-as-expected\/","title":{"rendered":"Fed Keeps Rates Unchanged As Expected"},"content":{"rendered":"
December 12, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

The Federal Reserve bank concluded its two-day monetary policy meeting on Wednesday. As widely expected, rates were left at the current levels.<\/p>\n

The central bank, in its forecasts, indicated that rates will remain at these levels. The forecasts come as the Fed previously signaled that it was done with lowering rates any further. The dollar slipped on the news.<\/p>\n

Euro Trades Mixed on US Data<\/strong><\/h2>\n

The euro was posting modest gains on Wednesday, in an attempt to maintain the momentum. On the economic front, the monthly inflation report from the US was the key mover.<\/p>\n

Headline inflation in the United States rose by 2.1% on the year. On a monthly basis, inflation grew by 0.3%. However, data suggests that the pace of inflation growth continues to remain tame. Data from the eurozone was sparse.<\/p>\n

EURUSD Testing Upper Resistance<\/strong><\/h3>\n

The euro rose to session highs near 1.1100. However, price action is likely to remain within the range of 1.1100 and 1.1072 ahead of today\u2019s ECB meeting.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

A breakout from this range will probably set the stage for the near term direction in prices. To the downside, EURUSD is at risk of sliding to 1.1000 support. To the upside, above 1.1100 resistance, the 1.1131 level remains within reach.<\/p>\n

\"\"<\/a><\/p>\n

Sterling in a Holding Pattern Ahead of Elections<\/strong><\/h2>\n

The British pound was trading steady, holding out near the eight-month high. However, volatility could rise as the UK heads to the polls today.<\/p>\n

Although the\u00a0Conservative party is expected to win,<\/a>\u00a0the narrowing of the lead by the Labor party remains a risk. The UK is set to leave the EU on January 31st<\/sup>. Ahead of this, the Conservative party needs a majority win to proceed with the Brexit plan.<\/p>\n

GBPUSD Volatility to Rise<\/strong><\/h3>\n

The currency pair has already posted an impressive rally. The risks from the current highs remain mixed. There is scope for a correction in the near term. If the support at 1.3100 breaks, the GBPUSD could be looking to post a correction to 1.2960. To the upside, further gains could push the GBPUSD to the 1.3200 handle.<\/p>\n

\"\"<\/a><\/p>\n

Gold Rises on Dovish Fed Outlook<\/strong><\/h2>\n

The precious metal was posting some modest gains after the Fed meeting. As the Fed outlook stays dovish, it is likely that gold will remain in favor. Besides the Fed\u2019s outlook,\u00a0trade uncertainty<\/a>\u00a0also is a major factor. Today\u2019s ECB meeting continues to be the main key risk in the short term.<\/p>\n

XAUUSD Could Rise Higher<\/strong><\/h3>\n

XAUUSD is likely to test the upper resistance level of 1483. Given the fact that this level has already been tested, there is a scope for a breakout higher. However, in the near term, XAUUSD is more likely to trade range-bound. Price action has been trading flat within the 1483 and 1462 levels.<\/p>\n

\"\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex The Federal Reserve bank concluded its two-day monetary policy meeting on Wednesday. As widely expected, rates were left at the current levels. The central bank, in its forecasts, indicated that rates will remain at these levels. The forecasts come as the Fed previously signaled that it was done with lowering rates any further. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-161613","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=161613"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161613\/revisions"}],"predecessor-version":[{"id":161622,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/161613\/revisions\/161622"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=161613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=161613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=161613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}