The last full trading week of the month is proving to be nothing if not action packed. Yesterday, it was all about the rouble. Russia’s currency was essentially out of control in the wake of the rate hike, with liquidity also being sucked out of the international markets for the currency. The choice facing the Russian authorities is to either intervene with their substantial foreign exchange reserves, or introduce capital controls. We’ll probably get an idea by the end of this week which way things are likely to fall, if not earlier. In part, the action on the rouble was causing volatility and erratic moves on other currencies. The yen has seen a sharp reversal from the level prevailing at the start of the month as it has become the safe haven of choice. The NOK was also particularly volatile yesterday, together with sterling. The UK currency will be in focus again today with the release of minutes to the December MPC meeting, together with labour market data. Since August, we’ve seen two members dissenting in favour of higher rates, something which would be surprising for the December meeting. Sterling could well prove to be volatile again on Wednesday given the data and thinning year end volumes. The main focus will be on the Fed decision this evening. Once again, it’s all about the language and whether the Fed maintains the pledge to keep rates low “for a considerable time” now that QE has ended. The latest changes in oil prices has pushed inflation forecasts lower for next year, with some now seeing annual inflation at zero by the middle of the year. The Fed’s favoured measure of inflation expectations (5Y5Y breakevens) is now at levels last seen more than four years ago. That’s not the backdrop against which to signal that rates may go up soon, even if they are at zero. Further reading: UK wage growth accelerates to 1.4%, unemployment remains at 6% FOMC quick preview: what’s more important: employment or inflation? Currencies to trade in both cases FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Daily Look share Read Next USD/JPY: Trading the Philadelphia Index December 2014 Kenny Fisher 8 years The last full trading week of the month is proving to be nothing if not action packed. Yesterday, it was all about the rouble. Russia's currency was essentially out of control in the wake of the rate hike, with liquidity also being sucked out of the international markets for the currency. The choice facing the Russian authorities is to either intervene with their substantial foreign exchange reserves, or introduce capital controls. We'll probably get an idea by the end of this week which way things are likely to fall, if not earlier. In part, the action on the rouble was… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.