FOREX TradingCharts.com

Forex News: Australian Dollar Drops Before Fed Decision

Australian Dollar Drops Before Fed Decision

09/21/2022 - 04:23:00 (RTTNews)

(RTTNews) - The Australian dollar fell against its most major counterparts in the Asian session on Wednesday, as investors awaited the Federal Reserve's policy meeting where a hefty rate hike is certain.

Markets focus on the updated economic projections and dot plot estimates, which will be published along with the Fed's policy statement due out later in the day.

The Fed is expected to raise rates by 75 basis points, which will take the target range for the Fed Funds rate to 3.00 percent - 3.25 percent.

Markets forecast rates to peak around 4.5 percent by early 2023.

The monetary policy decisions from the Bank of Japan, Swiss National Bank and Bank of England are due on Thursday.

The aussie weakened to more than a 2-year low of 0.6655 against the greenback and a fresh 2-week low of 95.50 against the yen, from its early highs of 0.6703 and 96.26, respectively. The aussie is seen finding support around 0.64 against the greenback and 92.00 against the yen.

The aussie edged down to 1.1322 against the kiwi and 0.8911 against the loonie, down from an early high of 1.1351 and 8-day high of 0.8956, respectively. The aussie is poised to find support around 1.11 against the kiwi and 0.87 against the loonie.

The aussie, however, appreciated against the euro, touching a 6-day high of 1.4841. On the upside, 1.45 is possibly seen as its next resistance level.

Looking ahead, U.S. existing home sales for August will be published in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. The central bank is expected to raise the target range for the federal funds rate by 75 basis points to 3.00 percent - 3.25 percent.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT FOREX and ECONOMIC NEWS STORIES


Dollar Little Changed Following ADP Data (10 hr(s), 34 min(s), 59 sec(s) ago)
(RTTNews) - ADP private sector employment data for September has been released at 8:15 am ET Wedne ...Full Story»

Dollar Mixed Ahead Of ADP Data (10 hr(s), 43 min(s), 59 sec(s) ago)
(RTTNews) - ADP private sector employment data for September is due at 8:15 am ET Wednesday. Ahead ...Full Story»

U.S. Dollar Advances In Cautious Trade (11 hr(s), 19 min(s), 58 sec(s) ago)
(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Wedn ...Full Story»

Dollar Drops As Treasury Yields Fall (11 hr(s), 46 min(s), 59 sec(s) ago)
(RTTNews) - The U.S. dollar fell against its major counterparts in the European session on Tuesday ...Full Story»

Pound Climbs As U.K. Abandons Plan To Cut Top Tax Rate (10 hr(s), 22 min(s), 59 sec(s) ago)
(RTTNews) - The pound gained ground against its major counterparts in the European session on Mond ...Full Story»

Indian Rupee Hits 4-day Low Against U.S. Dollar (13 hr(s), 58 min(s), 59 sec(s) ago)
(RTTNews) - The Indian rupee dropped against the U.S. dollar in afternoon deals on Monday, as regi ...Full Story»

Australian Dollar Advances On Higher Oil Prices; RBA Decision In Focus (14 hr(s), 43 min(s), 59 sec(s) ago)
(RTTNews) - The Australian dollar firmed against its most major counterparts in the Asian session ...Full Story»

U.S. Dollar Higher As Core Inflation Accelerates (06 hr(s), 55 min(s), 59 sec(s) ago)
(RTTNews) - The U.S. dollar held firm against its major opponents in the New York session on Frida ...Full Story»

Search

FOREX NEWS

Dollar Little Changed Following ADP Data

10/05/2022 - 08:17 AM (RTTNews)
(RTTNews) - ADP private sector employment data for September has been released at 8:15 am ET Wedne ...Full Story>>

Dollar Mixed Ahead Of ADP Data

10/05/2022 - 08:10 AM (RTTNews)
(RTTNews) - ADP private sector employment data for September is due at 8:15 am ET Wednesday. Ahead ...Full Story>>

U.S. Dollar Advances In Cautious Trade

10/05/2022 - 07:34 AM (RTTNews)
(RTTNews) - The U.S. dollar climbed against its major counterparts in the European session on Wedn ...Full Story>>

Dollar Drops As Treasury Yields Fall

10/04/2022 - 07:08 AM (RTTNews)
(RTTNews) - The U.S. dollar fell against its major counterparts in the European session on Tuesday ...Full Story>>

Pound Climbs As U.K. Abandons Plan To Cut Top Tax Rate

10/03/2022 - 08:31 AM (RTTNews)
(RTTNews) - The pound gained ground against its major counterparts in the European session on Mond ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.