It's Fed day, but new home sales data is coming up first

<p>It's finally Fed day but there isn't much drama around the decision. Market pricing is 97.2% for a hike, so it's largely a done deal for the 2 pm decision.</p><p>What will matter is what comes next and there's currently only a 20% chance of a hike at the subsequent meeting in September, rising to 50% in November. At his 2:30 pm ET press conference, Powell is likely to keep his options open but hints about which way he's leaning will be market movers.</p><p>Ultimately, though, it will depend on economic data and that includes today's new home sales report at 10 am ET. The consensus is 725K sales but home builders are increasingly optimistic and I see upside risks for 2024.</p>

This article was written by Adam Button at www.forexlive.com.