US Dollar Slid Ahead Of The Federal Reserve Meeting

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HY Markets

Online Forex traders at HY Markets and other internet trading sites saw the US dollar lose ground against over a dozen other currencies during Tuesday’s trading sessions. It came as no surprise to many when the US dollar slid, ahead of the Federal Reserve meeting that’s scheduled for later this afternoon.

Many market analysts believe that the Fed will continue with their easing strategy and they are expected to announce an expansion to their asset purchasing plan, which will almost certainly weaken the greenback against its international counterparts. The anticipation of such announcements from the Federal Reserve has led many Forex traders to start selling the dollar, which has had the usual knock-on effect to its value.

During Tuesday’s trading sessions, the USD/JPY fell to the first support level at 82.10 but during the day it made a slight recovery, with traders at HY Markets buying USD/JPY positions for 82.56 by the close of the European markets. The GBP/USD also climbed by around 0.2 per cent yesterday, climbing to 1.6120 before settling around 1.6113. Even the Australian dollar made headway against the greenback and this was in the wake of worse than expected Westpac consumer confidence data, which is a key indicator of spending and economic strength.

So, with all eyes on the US Federal Reserve meeting in Washington today and tomorrow, many online Forex traders will be eying up various currency pairs in a bid to open (and close) that killer position. If you want to try your hand at profiting from the fortunes of the US dollar or a host of other currencies, pay a visit to leading online Forex trading site, HY Markets at www.hymarkets.com. HY Markets offers a choice of industry-leading trading platforms, tight spreads and a wide choice of currency pairs to trade, which is why HY Markets is one of the internet’s most successful and favoured trading sites.