The Fed is poised to accelerate the pace of tightening according to the statements of key members of the Federal Open Market Committee (FOMC) ahead of the conclusion of their all-important policy meeting scheduled to come to an end today. Expectations have risen among market participants that the Fed officials would unanimously hike the rate by 50 basis points to 0.75%-1.00% at the end of today’s meeting. Today’s hike expectation is coming on the back of a 25 basis points hike at the March policy meeting and the emergence of the buzzword “frontloading” by the policymakers has boosted expectations as even more dovish members of the FOMC have also suddenly embraced aggressive hikes.
The Chairman of the Fed, Jerome Powell will host a press conference 30 minutes later and he is expected to deliver a message in support of the decisions of the Fed in order to combat rising inflation.
The first Friday of the month is here again and it is time for the pace-setting releases of job data from the US Bureau of Labour Statistics. The data expected include Average Hourly Earnings m/m, Non-Farm Employment Change and Unemployment Rate.
Better than expected releases would further strengthen the Greenback further elongating the one-directional movement on the dollar pairs.
Instruments to Watch
Currencies: EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDJPY, USDCHF
COMMODITIES: GOLD, SILVER
INDEX: US30, US100, US 500 AND US 2000
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