Forex Signals Brief for Jan 27: FOMC Ahead - Forex News by FX Leaders
FOMC Ahead

Forex Signals Brief for Jan 27: FOMC Ahead

Posted Wednesday, January 27, 2021 by
Rowan Crosby • 1 min read

US Wrap

US markets have, by and large, held reasonably steady over the past week.

That’s the same type of thing we saw yesterday, with stocks mostly flat, with some falls coming from the smaller caps.

Meanwhile, the USD retraced some of its gains, which helped prop up the majors. But overall, it wasn’t a particularly eventful day.


The Data Agenda

Today’s focus is clearly on the FOMC and what they have in store for the first meeting of 2021.

As we know, the US economy is in a precarious position thanks to the China virus and the ongoing lockdowns. In terms of the FOMC, they are now really out of bullets and their only real strategy is to continue to print money and buy back Government bonds. Clearly, a strategy that has a used by date.

As such, I suspect there will be little said by Powell as they continue with their current trajectory.


Forex Signal Update

The FX Leaders Team finished with 1 win from 3 trades as markets were mixed across the board.


USD/CAD – Active Signal

The USD/CAD is holding up at 1.2700 despite the downtrend and we are long looking for a quick bounce.


USD/JPY – Active Signal

The USD/JPY has been seeing incredibly low volatility as price makes its way down this trendline. We remain long here.


Cryptocurrency Update

Little has changed with both BTC and ETH and I am still expecting to a break come in both.

Ethereum appears to be far stronger and that’s the one I am most bullish on at the moment.

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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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