Wednesday’s FOMC decision and policy outlook will be key for financial markets, helping guide the U.S. dollar and S&P 500’s trajectory in the near term.

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Gold has risen gingerly ahead of the FOMC decision with rates expected to remain unchanged. Gold hovers around the 200 DMA as price action struggles for momentum

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Oil prices continue their advance as the 14-day RSI rises toward the 80 mark. Fundamental factors continue to keep prices elevated as Investment Banks update their price targets for Q4 2023.

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The rand remains subdued ahead of the FOMC and SARB interest rate announcements later this week, while USD/ZAR hovers around R19/$.

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Monetary policy decisions from the Federal Reserve and the Bank of Japan will give USD/JPY traders a lot to think about

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