UK Inflation and FOMC to Guide Markets [Video]
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We have a quiet data calendar today which leaves the focus on geopolitical developments. Investors will be monitoring trade developments between the world’s two largest economies, after a reprieve from the U.S. temporarily backing off its blacklisting of Chinese telecommunications giant Huawei caused global markets to rebound slightly on Tuesday.
The FOMC will also be releasing its minutes from its last meeting today. Fed Chairman Jerome Powell’s comments during the last Fed press conference that some “transitory” factors could be impacting inflation sent the markets into a frenzy. Investors will likely look to today’s minutes for additional clues as to what Powell could have meant when he alluded to transitory factors.
Elsewhere, spot gold is still subdued and close to resistance, ready to break lower while the USD recovered today after its initial setback yesterday resulting in a selloff candle. It should be noted that If markets don't continue with more risk, we could be seeing for a bigger bearish reversal pattern now.
EU elections are also kicking off in UK today with BREXIT leading the direction, with May stating that she sees second referendum as possible. UK news are likely to guide markets for the day, possibly showing a stable economy despite Brexit.
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