All eyes on the Fed
|Important news for the day
- Wed., 10th 15:45 CET CA BoC rate statement.
- Wed., 10th, 20:00 CET US FOMC interest rate decision.
All about the Fed
Market participants continue to wait for the interest rate decision of the Fed today. It is expected that the Central bank will cut rates by 25 basis points, which in turn could weaken the Dollar and hence strengthen stock markets. The focus should also be on the wording of Jerome Powell in regards to future meetings. Any hints towards further rate cuts might impact the USD. The S&P 500 and Nasdaq both remain in a sideways pattern, with the potential to break higher. The positive risk sentiment is also indicated with the AUDUSD pair moving to the upside. A break of the 0.6650 level might be on the cards as well supporting the positive trend.
Market talk
The crypto market started to break higher. In particular ETH looks positive. With the break of the USD 3,300 level more upside momentum might be found. Furthermore also Silver broke the technical resistance level of USD 60 indicating positive momentum ahead. Gold on the other hand is still lagging behind as the positive risk sentiment continues to harm the demand in defensive investments. Traders should also keep the BoC rate decision in mind. Currently, the CAD is gearing up steam against other currencies and might continue with the positive momentum.
Tendencies in the markets
Equities positive, USD weaker, crypto positive, oil weaker, Silver sideways, Gold sideways.
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