Fed Reserve meeting in focus

November 1, 2017

Another data-packed day for markets, catering to most investors and traders, with most focus centred around the US Fed Reserve meeting in the early hours of tomorrow morning

The EUR/USD was mainly flat overnight, with neither currency mounting any case for movement. The pair is currently trading at $1.1653 up slightly from $1.1642. The GBP/USD pair showed more signs of life, where it presently sits just below the $1.33 level, trading at $1.3293, up from $1.3204 this time yesterday.

Indexes were mainly subdued overnight, with the NASDAQ the outperforming the Dow and the S&P. It gained 28.71 points (+0.43%) to close at 6,727.67. The Dow added 28.50 points (+0.12%) to end the session at 23,377.24. The S&P 500 brought up the rear, adding 2.43 points (+0.09%) to close at 2,575.26. European stocks were flat, the FTSE adding 5.27 points (+0.07%) to close at 7,493.08. The DAX was closed due to a public holiday.

Gold continued to languish in the low $1,270 region, dropping over $5 since this time yesterday. It is currently trading at $1,271.20.

The hectic day ahead is highlighted by the US Fed Reserve meeting being held in the early hours of tomorrow morning. While there has not been much talk of a rate rise in this meeting, there is a small chance that they could surprise markets. If not, Fed Members may give an indication of the likely-hood of a December rate rise. Other data due out today includes:

Japan – Final Manufacturing PMI

China – Caixin Manufacturing PMI

Australia – Commodity Prices

UK – Manufacturing PMI, Nationwide HPI

Canada – Manufacturing PMI

Europe – Swiss Manufacturing PMI

US – ADP Non-Farm Employment Change, Final Manufacturing PMI, ISM Manufacturing PMI, Construction PMI, Construction Spending, Crude Oil Inventories, Total Vehicle Sales