US futures are mixed and EU markets are trading marginally lower this morning as investors await the outcome and predictions of the FOMC meeting, coming out today in the afternoon. Global markets are at a crossroad after a 3-week 25% plus rally from 2020 lows and facing an unclear path with stimulus programs fully priced in, and economic uncertainty ahead. Powell speech is therefore an important near-term signal for global markets as well as a guideline to the US dollar path ahead. FX markets moved away from the dollar yesterday, down by 0.31% vs majors and trading at 96.05, and into the “safe heavens”, the JPY, CHF as well as Gold are all higher this morning ahead of the FED. Gold is up 0.5% and trading at $1,731 per ounce and Silver is marginally higher as well and trading at $18.05 pe ounce. Oil trades at $38.12 per barrel this morning, down 2.24% as investors took profits off the table fearing a rise in US inventories, that’s according to API industry poll that said inventories grew by 8.4 million barrels as oppose to a projected fall in the numbers. OIL official inventories figures are to be reported today at 10:30 am US.
US CPI at 8:30 am, OIL Inventories at 10:30 am and the FOMC meeting and press conference starting at 2:00 pm, are the important news on the agenda Wednesday, (all times EST).
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Gold investors are awaiting the FOMC meeting outcome as well, expecting more dollar weakness for a break to 2020 highs.
The inventories numbers set to be released at 10:30 am US will impact prices as investors fear another supply glut on weak demand.
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