The main economic event of the week is Federal Reserve System (Fed) meeting that will be held on January 31st at 7pm GMT.
USA Fed is an independent federal agency, one of its main functions is implementation of monetary policy. The text of accompanying statement of Fed regarding the interest rate influences the market greatly. For this reason traders follow closely the outcomes of the meeting.
FreshForex expert shared their forecast:
This time Janet Yellen will attend Fed meeting as Fed Chair for the last time. Chicago futures market shows that FOMC will keep the interest rate unchanged. Considering inflation expectations growth American Central Bank may announce about 4 rate hikes in 2018. That will be a positive signal for US dollar. On Wednesday consider selling EUR/USD, GBP/USD and buying USD/CAD, USD/TRY.
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