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Thursday, 18 October 19:44 (GMT -05:00)



Foreign exchange market

Both Gold and Dollar Go Down in Advance of Fed Meeting


Interestingly enough, despite having a negative correlation, both the U.S. Dollar and gold started going down in value against other majors earlier today. International experts assume that there are several factors pressing down these assets.
 
One of the key of tem is believed to be the forthcoming Fed meeting scheduled for the next week. This meeting is going to be decisive for the interest rates since the Fed will consider the option of implementing another interest rate hike. This decision will definitely affect all the financial markets out there. With that said, more and more traders and investors are reducing their exposure to the market amid this uncertainty.
 
Earlier today, the Comex gold futures for April delivery lost $0,6 (0,04%) and dropped in value down to $1317,2/oz. At the same time, the common European currency increased in value against the U.S. Dollar (from 1,2305 to 1,2311). The American currency also lost a bit of its value against the Japanese Yen (from 106,34 down 105,92). The USD index, which reflects the exchange rate against a basket of 6 other major currencies, dropped by 0,06% down to 90,0 points.

as for the expected Fed interest rate hike, over 90% of the interviewed CME Group experts assume the Fed is going to increase the key interest rate up to 1,5-1,75%. If that’s the case, this is going to push the dollar higher and press gold further down. At the same time, international traders and investors are waiting for the new Fed chairman to comment on the Fed’s future policies.


there is another major factor creating concerns and pressing the assets further down. The Washington Post claims that Donald Trump is considering the option of dismissing his advisor for national security. Such major changes in the administration have been causing market panic in the global financial markets.

 

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