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US Intrest Rate Statement On Tap

Yesterday, the USD gained against most of the major currencies on speculation the Federal Reserve will signal that it has finished lowering Interest Rates after 6 reductions since September.
The dollar traded at 1.5559 vs. the EUR at 6:10 a.m. in Tokyo, after rising 0.6% yesterday and touching 1.5541, the strongest rate since April 3. Futures on the Chicago Board of Trade show an 82% chance the Fed will cut the target rate for overnight lending by a quarter of a percentage point to 2% today and odds of 71% that the rate will be held at that level in June. Only a week ago, the USD plunged to a record-low against the EUR, boosting demand for raw materials as a hedge against inflation. Now, following the rising confidence in the US currency, commodities dropped the most in 5 weeks as a rally by the USD eroded demand for energy, metals […]

Original post by Forextvblog

This entry was posted on Wednesday, April 30th, 2008 at 4:43 am and is filed under statement, rate, USD, forex, Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “US Intrest Rate Statement On Tap”

  1. Interest Rates » US Intrest Rate Statement On Tap Says:
    April 30th, 2008 at 5:47 am

    […] Read the rest of this great post here […]

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