16.03.201609:53 Forex Analysis & Reviews: Global macro overview for 16/03/2016

Global macro overview for 16/03/2016:

The FED will announce its further monetary policy today at 07:00pm GMT, together with interest rate decision, economic projection ad press conference. The U.S. central bank is expected to keep the Federal funds rate unchanged at 0.50% as economic fundamentals are weaker than those in December that prompted the first rate hike after starting an easing monetary policy 7 years ago. In that case, the market participants will focus on the economic projections and the language of the rate statement. In conclusion, no hike is expected, but Chair Jannet Yellen's press conference will give more insight to investors regarding the confidence of the Central Bank on the state of the U.S. economy.

Let's now take a look at the US Dollar index technical picture at the daily time frame. After hitting the 61%Fibo at the level of 98.50? the bears took control over the market and push it below 21,50 and the 100 daily moving average. Currently, the market is trading just inside the range, awaiting the outcome of the FED interest rate decision and press conference.