Forex Today: Fed, Bank of Canada Expected to Hold Rates – 18 March 2026

Policy meetings will be held today at the Federal Reserve and the Bank of Canada, though neigher is expected to make any interest rate changes.

1. The world's most important central bank, the US Federal Reserve, and the Bank of Canada, will be holding policy meetings today. Statements and forecasts will be watched as there is no expectation that either will make any changes to their interest rates.
2. President Trump signaled that he wants the war to continue for some time further, as the USA and Israel press their strong advantage in Iran after Israel assassinated the de-facto leader/strongman of the Islamic Republic, Ali Larijani. Despite the continuation of the war and a widespread expectation that it will run well into April, the price of crude oil is falling with some momentum. Towards the Asian close, WTI was trading below $92.50, so the drop seems to be significant and impulsive, although there will surely be volatile swings down the road and not a smooth decline.
3. Despite the falling price of crude oil, gasoline futures prices remain elevated, although they are no longer breaking to new highs. However, the Gasoline ETF UGA is rising very strongly to its highest levels seen since its launch in 2009. It is likely too late for trend or momentum traders to get involved here now.
4. Precious metals are continuing to sell off gently, with spot Gold trading below the big round number at $5,000 earlier today, and spot Silver below $80.
5. Stock markets have generally looked more bullish in recent days, with the S&P 500 Index trading above 6,750 off-hours before the open in New York.
6. In the Forex market, the strongest major currency ;since today's Tokyo open has been the Australian Dollar, while the weakest has been the New Swiss Franc. The USD/JPY currency pair has enjoyed a significant bullish breakout, but has not yet tested the big round number at 160, and is currently making a bearish retracement which is deepening.
7. A commodity which has recently made new highs is Aluminium, which can be traded in large-sized futures or as a more affordable ETF (ALUM).
8. Apart from the central bank policy meetings, there will be two major economic ;data releases today:
1. US PPI, which is often seen as a proxy metric for inflation, so markets will react if the reading is well off a +0.3% increase.
2. New Zealand GDP
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