Markets await Fed meeting
A hectic day lays ahead as we see a stack of economic data released from around the world.
The EURUSD began the day at $1.21173 and was steady early, climbing to highs of $1.21468 mid-session. It fell from those highs, hitting a low of $1.21007 a few hours later. It quickly bounced off those lows and closed at $1.21256. The euro is currently trading at $1.21233. The GBPUSD ended the day lower, despite remaining steady for the first half of the day. Opening at $1.41077, the pound traded in a tight range early before ticking up to a high of $1.41281 mid-session. Those highs were not held for long as the pair fell to lows of $1.40338 heading into late trading. It was able to regain some of those losses during the final hours of the day and is now trading at $1.40777.
The Dow started the day at 34,395.01 and made small gains early, eventually peaking at 34,505.15 mid-session. It performed a 180-degree turn shortly afterwards, resulting in the Dow hitting a low of 34,217.98 late. It has come off those lows and is now trading at 34,311.30. The Dax opened at 15,723.63 and nudged its way up to a high of 15,794.62 mid-session. It gave up those gains as it dropped to lows of 15,712.69 late in the day before closing at 15,746.80.
Today shapes up as a busy one for markets as a number of pieces of economic data are being published from around the world. Meanwhile, the US Fed Reserve is due to wrap up their latest interest rate meeting late in the session, with interest rates tipped to remain on hold. Despite this, commentary from Fed Chair Jerome Powell will come into focus as markets look for any clues as to whether there has been a change in the central bank’s economic outlook and therefore a possible change in policy.
Other data published today includes:
NZ – GDP
UK – CPI and Core CPI, PPI Input & Output, RPI, HPI
China – Industrial Production, Fixed Asset Investment, Retail Sales, Unemployment Rate
Canada – CPI, Core, Common, Median and Trimmed CPIs, Wholesale Sales, BoC Governor Tiff Macklem speaks
US – FOMC Statement, Economic Projections and Press Conference, Building Permits, Housing Starts, Import Prices, Crude Oil Inventories
Disclaimer: The information in this website is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs. We recommend you seek independent advice if necessary.