A huge day coming up for markets, with the US Fed meeting in focus while other important market is released.

The EURUSD made small gains overnight after opening the day at $1.11439. The pair fell over early trading, hitting a low of $1.11312 mid-session. From there, the euro climbed over the back end of the day, peaking at $1.11603. It is not far off that high, currently trading at $1.11560. The GBPUSD continues to get belted as the pound weakens over Brexit concerns. The pair opened the day at $1.22162 and ticked up to a high of $1.22250 early in the session before falling to lows of $1.21159 a few hours later. It spent the rest of the session trying to recover those earlier losses as pound buyers took a breather from the onslaught. The pound is currently trading at $1.21586.

The Dow endured a roller coaster session after opening the day at 27,249.03. The index rose to a high of 27,293.22 a few hours later before tumbling to a low of 27,083.78 mid-session. It bounced off those lows late in the day and is now trading at 27,235.82. The Dax was hammered overnight after opening its day at 12,437.34. The German index bumped up to a high of 12,450.83 in its opening before beginning its leg down. The Dax fell to lows of 12,089.29 before closing at 12,118.20.

The day ahead shapes up as a big one for markets, with all eyes of the US Fed meeting in the early hours of tomorrow morning. While there is an expectation of a rate cut of 25 basis points, there are some analysts that are tipping a cut of 50 basis points. A cut of that magnitude will no doubt cause volatility in markets. It will also be crucial to hear the Fed Chair’s remarks accompanying the rate decision.

Other data published today includes:

NZ – ANZ Business Confidence

UK – Nationwide HPI

Canada – GDP, RMPI, IPPI

Japan – Consumer Confidence, Housing Starts

Australia – CPI & Trimmed CPI, Private Sector Credit

China – Manufacturing & Non-Manufacturing PMIs

US – FOMC Statement & Press Conference, ADP Non-Farm Employment Change, Chicago PMI, Employment Cost Index

Europe – German Retail Sales, French & Italian Prelim CPIs, European & Spanish Flash GDPs, German Unemployment Change, Italian Monthly Unemployment Rate, Italian Prelim GDP, European CPI & Core CPI Flash Estimates, European Unemployment Rate

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