US S&P 500 futures and EU markets are trading higher by 0.35% and 0.2% respectively this morning after the weak close in the US markets yesterday and ahead of Boeing earnings this morning and the upcoming release of the FOMC meeting at 2:00 pm EST. FX markets reversed course again overnight, the dollar index is down 0.06% this morning versus majors, as most investors expect more weakness for the dollar on the expected proposed stimulus plans. Most other markets FX markets are trading a flat session this morning, awaiting the FED news and the expected reaction after the FOMC meeting. Asian markets closed a flat overnight session as well, the NIKKEI lost 1.15%. while the CSI 30 gained 2.42%. Gold prices traded higher after yesterday selloff from all-time highs, Gold futures are at $1,952 this morning, up 0.55% and Silver futures are at $24.41 per ounce, up 0.41%. Oil will be in focus for investors today will the release of US Inventories at 10:30 am, and again after the FOMC economic outlook release. Oil gained after a surprise rise in US Inventories as predicted by the API, enough to offset the demand worries near term. Oil closed at $41.39 per barrel, up 0.85%.
US Pending Home Sales at 10:00 am and the FOMC meeting at 2:00 pm are the important news on the agenda Wednesday, (all times EST).
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All-time highs minor pullback in the Nasdaq will be challenged by the release of the FOMC statement today at 2:00 pm EST.
The FOMC meeting today will set course for the dollar near term as investors expect more weakness and that will be positive for supporting all-time highs levels in Gold.
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