US S&P 500 futures are lower by 0.32% this morning, that’s ahead of the FOMC statement set to be released at 2:00 pm today. Investors worry that the Fed expansion program and the upcoming stimulus plans as well as the expected tax increases will bust inflation and put pressure on the stock markets. Two weeks ago, Powell’s speech sent markets lower, and the upcoming press conference tonight will be key for the mood in the markets near term. The EURSX50 is trading marginally lower this morning as well, down 0.25% and the FTSI is down 0.55%. Asian markets closed their overnight session near the flat line. The dollar index is flat, trading at 91.98 versus majors, up 0.12%. Gold and Silver are marginally lower on the flat dollar, Gold is at $1,729 per ounce, down 0.19% and Silver trades at $25.77 per ounce, down 0.14%. Oil is lower ahead of the Inventories numbers set to be released this morning, trading at $64.05 per barrel, down 1.11%, as investors fear the runup in OIL is coming to an end given the priced in economic recovery, weakening EU markets demand and proposed lockdowns and the tight market following OPEC+.
CAD core CPI at 8:30, US OIL Inventories at 10:30 am and the FOMC Statement at 2:00 pm are the important news on the agenda Wednesday, (all times EST).
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US futures are lower this morning as investors brace for the FED and Powell’s speech after 2:00 pm today.
Gold and OIl will be under pressure following the FOMC statement at 2:00 pm today.
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