Markets wait for central banks

Note: This section contains information in English only.
Source: Dukascopy Bank SA
This week, the top event of the week will be the announcement of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The Fed is expected to hike its base interest rate from 5.00% up to 5.25%. A larger increase or no increase at all would cause a sharp adjustment of the value of the US Dollar. Subsequently all of financial markets would be impacted. Meanwhile, note that the Fed has stated that rate cuts are not going to happen in 2023.

The rate publication is scheduled to be followed by the Press Conference of the Chairman of the Federal Reserve Jerome Powell at 18:30 GMT. In most cases, comments made by the head of the central bank cause more volatility than the rate announcement. Sometimes, the comments of Powell reverse the direction of the USD.

In regards to the Fed decision, note that the head of the central bank has commented in the past that they monitor the PCE Core Inflation data. On Friday, the data set revealed that month on month the personal consumption expenditures increased by 0.3%.

After the Fed's decision, on Thursday, the European Central Bank is set to reveal its Main Refinancing Rate at 12:15 GMT. Currently, the ECB is expected to hike from 3.50% up to 3.75%, despite some policymakers insisting on 0.50% increase.

Just like Jerome Powell, the President of the European Central Bank Christine Lagarde is set to host a press conference at 12:45 GMT. In the case of the ECB, the Press Conference almost always reveals future direction of the Euro.
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