The EURUSD is in for a Wild Ride with the FOMC Statement and ECB Conference

eurusd_daily The FOMC Statement Wednesday and the ECB Conference Thursday could affect the Forex market greatly.

Currently,the Euro is hitting two-month highs against a weak U.S. Dollar. This could be the result of expectations that the Federal Reserve will stick to it’s aggressive quantitative easing.

Private sector U.S. employment increased by 119,000 jobs from MArch to April according to Wednesday’s ADP Report. Failing to hit the forecast of 154,000 more jobs, the ADP report today could add to U.S. Dollar weakness.

FOMC Statement
2:00pm (New York Time) Wednesday is when the Federal Reserve will release their FOMC statement. Many expect the Federal reserve to continue their quantitative easing at the same rate for the time being.

ECB Conference
Thursday at 8:30am (New York Time) all eyes will be on the ECB to see if they cut their interest rate. Some think that a rate cut in June would be more likely, since the ECB will have it’s Q1 GDP figures to get a better idea of how the euro zone recovery is actually going.

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  • If the rate cut doesn’t help stimulate countries’ economies, it may make the ECB feel like they are backed in a corner. They won’t be able to cut the rates much further in the future.

  • an ECB rate cut looks really likely now and should be helpful a bit at least for some countries in need of it