Forex Today: Get ready to rock with the highly anticipated Fed decision

[OZER]

What you need to know on Wednesday, December 15:

The greenback is up against most of its major rivals, rising during US trading hours on the back of higher yields and weaker stocks. The US published November PPI, which jumped to a record of 9.6% YoY, much higher than the previous 8.6%, while the core reading jumped from 6.8% to 7.7%.  The news spurred risk aversion ahead of the US Federal Reserve monetary policy decision on Wednesday.

Some positive news from the pandemic front helped high-yielding currencies to advance during the European session. Pfizer-BioNTench reported that two shots of its vaccine provide 70% protection against Omicron hospitalization and 33% protection against infection. So far, only the UK reported one death related to the newly discovered variant. Pfizer also reported that its experimental COVID-19 pill, Paxlovid, appears to be effective against Omicron and the previous variants.

The EUR/USD pair is down to a fresh weekly low of 1.1256, trading nearby heading into the Asian opening. The GBP/USD pair posted modest gains, helped by upbeat UK employment figures. The UK Office for National Statistics reported that the number of people claiming unemployment-related benefits declined by 49.8K in November. Adding to this, the ILO Unemployment Rate edged lower to 4.2% during the three months to October.

Commodity-linked currencies extended their weekly declines, with AUD/USD struggling around 0.7100 and USD/CAD up to 1.2850. The dollar posted modest gains against safe-haven CHF and JPY.

The US Federal Reserve will announce its decision on monetary policy. The central bank will also offer fresh updates on inflation and growth forecasts and a dot-plot which may hint at a sooner rate hike. Additionally, Chief Powell is anticipated to announce a faster pace of tapering, although it's unclear on whether to which extent in the midst of the Omicron outbreak.

Gold fell, now trading around $1,772 a troy ounce, while crude oil prices also shed ground, with WTI trading at around $70.40 a barrel.

[Krivokid11]

Mr.Brooks and Allaire were solid. Totally flawless delivery. Spot on in every way possible.

[flounder]

The federal reserve should have negative interest rates because negative interest rates would be great for the economy.

[neilwad]

Whyyy are people comparing gas prices from LAST year during a time hardly any one was driving...compare to 2019

[moon_rocks]

Of networks like this reported the truth and facts instead of covering for the clowns in this administration then it could be stopped.

[old_peculiar]

One Blockchain to Rule Them All..Elrond!!! EGLD

[engdahl]

The FED is always in the know but behind the scenes.  This is just bla bla bla and cryptos will eventually be regulated for AI and the new economy.

[percussionist]

People in 2030 Tesla is in a bubble it shouldnt be a 10T company it only has 40% margin and half of the EV market

[Bogeyman]

So you need to buy Bitcoin . Bitcoin is the future

[energumen]

I don't think the government wants to stop inflation, they want it to increase to diminish the burden of the debt.

[meme5lol200]

All according to plan cit.

[AlsoJustice]

The entire economy due to what I got on the "BACKBURNERS"

[demorocz]

Michael Barry says he's not shorting "crypto", he never said bitcoin. It's a much larger market then just bitcoin.

[Michael_Lee]

Politicians have no idea what's truly capable with crypto...

[red_xephos12]

They can't stop it, so yall better get this right