The dollar traded lower across the board and FX markets reversed yesterday action ahead of the FOMC meeting today in the afternoon. Most FX markets gained versus the dollar following expectations of a dovish Fed which is under pressure from US President Trump to lower interest rates and proceed aggressively towards that goal. Tonight the 25 basis points decrease will be criticized as non-effective by Trump, and it will be a major surprise to see the Fed go to a 50 basis points decrease at this point. US and EU equity markets traded mostly sideways, closing the day near the flat line yet positive in the US and flat in the Eurozone. Metals traded marginally higher on the weaker dollar, Gold closed at $1,501 per ounce, Silver at $17.85 per ounce. Oil traded sharply lower following news that the Saudi production and export levels are to return to their normal sooner than expected. Oil closed lower 6% at $58.55 per barrel, that’s ahead of the most important inventories numbers, today in the afternoon.
UK CPI at 9:30 am, CAD CPI at 1:30 pm, Oil Inventories at 2:30 pm and the FOMC Statement at 6:00 pm are the important news on the agenda Wednesday. (all times GMT).
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Nasdaq futures flat ahead of the FOMC statement, at 2:00 pm EST.
Oil prices traded sharply lower on news that Saudi production levels are to return to normal sooner than expected.
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