The US stocks were lower after the close on Tuesday, as losses in the Oil & Gas, Telecoms, and Utilities sectors led shares lower. The Dow Jones fell by 1.37%, the S&P 500 fell by 1.09%, and the NASDAQ lost 0.86% from its value. The US dollar bounced back from Tuesday’s session lows against a basket of major currencies as the Federal Reserve 2-day meeting got under way. Today, the Federal Funds Rate is expected at 1.5% unchanged. Gold prices fell, closing at $1,337 an ounce. Crude prices fell on Wednesday as industry estimates of US inventories disappointed and the market looked ahead to a week of major data and event risks.
The euro traded higher against the US dollar. On the 4-hour chart, the EUR/USD pair is trading close to the mid-band of the Bollinger Bands indicator with the MACD below 0. As long as the pair maintains these conditions, a fall towards 1.20 can be expected. However, rising towards the upper band may change the momentum and move it towards 1.26. Today, the CPI Flash Estimate is expected at 1.3% vs. 1.4% previously. The pound traded higher against the US dollar. On the 4-hour chart, the GBP/USD pair is trading close to the mid-band of the Bollinger Bands indicator with the RSI above 50. Maintaining these conditions, we might see a rise towards 1.45, while falling below the lower side may drop it towards 1.38.
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