Will the Fed stump Trump this evening? EUR/USD in the spotlight at 7pm GMT

This will be the last update from Quick news until the outcome of the Fed policy decision, at 7pm GMT. So, one way or another the Fed will grab the limelight this evening. The overwhelming majority of analysts expect the Fed to remain on hold tonight. Of course there is no chance of a Fed hike and that means the only other prospect is a Fed rate cut. One of the first things the new US President did, when he reassumed office, was to demand the Fed lower rates immediately. Thus, if they do not, it will surely annoy him intensely, but in truth the US central bank should not bow to his rhetoric, if that is the correct course of action. That said, Trump bating is something the Fed excels at most of the time. As usual the USD/JPY will be front centre of any dollar price action following the outcome, but on this occasion surely the EUR/USD should take first place, with the ECB decision looming tomorrow. There will be more to add here when the news breaks. Meantime, the EUR/USD is right now at 1.0404