Calm before the Fed storm

US consumer confidence is upbeat and so are markets. Good figures have improved the situation and so did oil prices. A notable recovery in CAD followed. The Aussie also enjoyed solid inflation figures that removed the potential for a rate cut. The pound and the kiwi look OK as well. EUR/USD and USD/JPY are stable. After an upwards swing for commodity currencies, we are now in a wait and see mode ahead of the Fed decision. Will Yellen remove a March hike from the table or not? We provided a detailed preview of the Fed, noting the good, bad and ugly sides of the US economy. We also discussed supply and demand in oil. The black gold remains important.

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