You are here: Home > articles > Forex > US Open Preview– Dollar steadies ahead of Fed rate decision; European stocks mostly down
US Open Preview– Dollar steadies ahead of Fed rate decision; European stocks mostly down
December 13, 2017 1:27 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
Here are the latest developments in global markets:
Day ahead: Fed to deliver long-awaited rate hike; US CPI gathers attention
The dollar will be in the spotlight during the day as FOMC members conclude their last two-day policy meeting for 2017, while markets anticipate the US CPI figures to be released later in the European session.
The rate decision will be announced at 1900GMT, with forecasts indicating that interest rates will rise by 0.25 percentage points to 1.25-1.50%. As this is already priced in by the markets, the monetary policy statement (1900GMT) and Fed chair Janet Yellen’s last press conference (1930GMT) following the rate announcement will be of greater importance to investors. Particularly, investors will seek any clues on the path of the future stance on monetary policy and will be paying close attention to the central bank’s economic projections.
At 1330GMT, the US Bureau of Labour Statistics will release CPI figures for the month of November. According to forecasts, the index will likely gain 0.2 percentage points, growing by 2.2% y/y, while the core equivalent is anticipated to remain flat at 1.8% y/y. Even if the core measure is closer to the Fed’s inflation target of 2.0%, policymakers prefer to monitor the core PCE index which is still well below the Fed’s target for inflation.
In other upcoming events today, the US President will be talking about tax reforms at 2000GMT.
In oil markets, the EIA weekly report due at 1530 GMT is expected to indicate a smaller decrease in US crude oil stocks for the week ending December 8 relative to the preceding week – the decrease is estimated at 3.759 million barrels versus the previous week’s decline by 5.610m barrels (the biggest fall in two months). Gasoline and distillate inventories are expected to rise at a softer pace by 2.457 million and 0.902 million barrels respectively.
Markets will be also watching developments in the British Parliament today, where May’s government will try to repeal a legislation regarding Britain’s ties with the EU and make efforts to incorporate EU laws into domestic ones so as to ensure legal continuity after the official divorce day on March 29, 2019.
Related Posts: