Today is probably one of the most important days in financial markets throughout the month and possibly in the year 2013. FED will release interest rate decision. European stocks markets are going lower. Dollar looks a little bit strong, except against Japanese Yen. As I expected oil is going higher and soon my reach 100 dollars per barrel. Gold seems to be frozen, but whatever decision is made today I doubt if it goes higher before going lower to visit its’ previous lows.
Most currencies will probably stay in their current ranges till the release as most investors would be too scared to enter their positions before such an event. Market participants have been speculating for a long time when FED will end their bond buying program and today Ben Bernanke may present us with some hints regarding it.
If you have some open positions at the moment, be sure to tighten your stop loss orders as these might experience tremendous pressure when news hits the wire. Do not take too big positions. Better wait than being sorry.