The US dollar kicked off the week consolidating near its three-week highs. This sideways movement can be attributed to market participants preparing for the upcoming Federal Reserve meeting. The key factor here is not the interest rate level itself.
This time around, the regulator is widely expected to cut rates. However, at the next meeting in January 2025, Fed policymakers may choose to pause. Therefore, the focus will be on clues about the future path of US interest rates – both in the short and long term.
In the meantime, let's take a look at the other reports scheduled for today and assess how they might affect trading instruments.
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