Fed meeting looms
Markets turn their attention to the US where the latest Fed Reserve meeting wraps up.
The EURUSD was largely flat overnight after opening at $1.19253. It edged up to a high of $1.19511 late before falling away to lows of $1.18817 a few hours later. It has come off those low and is now trading at $1.19012. The GBPUSD began the day at $1.38925 and fell to lows of $1.38082 mid-session. Bouncing off those lows, the pound regained those losses and hit a high of $1.39056 late. It is not far from those highs, currently trading at $1.39012.
The Dow took a breather overnight, ending the session slightly in the red. It opened at 32,935.74 and was steady for most of the day, ticking up to a high 32,972.33 late. It fell from those highs, bottoming-out at 32,775.90 and closing at 32,866.41. It is currently at that level. The Dax was able to buck the trend, ending the day higher. It started the day at 14,491.73 and slipped to lows of 14,478.84 early. It rallied off those lows, peaking at 14,608.39 late and eventually closing at 14,561.60.
All eyes are focussed on the latest Fed Reserve interest rate meeting. While interest rates are tipped to remain on hold at nearly 0%, markets will be keenly awaiting Jerome Powell’s speech. This is likely to give markets an insight into the economic outlook for the US from the Fed’s perspective, while future monetary policy settings are sure to be mentioned.
Data published today includes:
Europe – Final CPI & Final Core CPI
Canada – CPI, Core, Common, Median and Trimmed CPIs
US – FOMC Statement, Economic Projections and Press Conference, Crude Oil Inventories, Building Permits, Housing Starts
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