Global macro overview for 28/10/2015:
The FOMC rate decision and statement is scheduled for release today at 6 pm GMT. Months before, the Fed policy makers has been repeatedly stating that they remain committed to raise rates this year, but the markets have priced in only a 35% chance that it will happen this year. This might be explained rather easily if we consider the quality of statements provided: the Fed has sent very confusing messages that do not provide clarity and transparency. Moreover, a lack of consensus among the Fed members regarding the US job market and inflation is making the statements even more confusing. It's not surprising that investors are stuck between a rock and a hard place, therefore see this as evidence that the Fed cannot hike its rate this year.
The EUR/USD pair is trading quietly inside of the congestion zone ahead of the Fed news release. The next resistance is seen at the level of 1.1086; and support, at the level of 1.0997.
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