The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System that determines monetary policy. Forex traders watch the FOMC closely for any signals of interest rate changes or changes in the economy that could affect the value of currencies. The FOMC meets regularly to discuss and decide on monetary policy decisions, and their decisions can have a significant impact on the forex market. Understanding the FOMC's actions and statements can help forex traders make informed decisions and anticipate market movements.