U.S. stocks rallied yesterday ahead of the FOMC statement. Investors widely expect the Federal Reserve to end their quantitative easing program today. However, interest rates should remain the same. Earnings season has also been mostly positive and traders have welcomed results which have eased fears of an economic slowdown. The S&P 500 closed 1.19% higher and the Dow Jones climbed 1.12%. Asian stocks also moved higher across the region. The Nikkei climbed 1.46% higher as the Dollar climbed back up to ¥108. The Hang Seng increased 1.27% as the trading link between China and Shanghai looks closer as Hong Kong’s stock regulator reported that they had finished preparatory work. European markets are higher today as attention has now turned to the FOMC statement at the completion of the Fed’s two day meeting. Currently, the DAX is up 0.70% while the FTSE 100 gains 0.47%. The CAC 40 is off 0.05%.
WTI crude after U.S. data. The CB Consumer Confidence came out at 94.5, its highest value since 2007. The strong data fueled speculation that demand for oil could grow and push prices upwards. The American Petroleum Institute released data yesterday showing that crude stock rose by 3.2 million barrels, however, distillates stock declined by 3million barrels and gasoline stock by 3.7 million barrels. The EIA will release data later today at 2.30pm GMT. Gold is trading choppy as traders eagerly await the result of the FOMC Statement. If any hints towards raising interest rates are made we could see the metal drop below its support at 1,220.
Today’s Main Events:
10.35 GMT: EUR – German 10 Year Bund Auction – The figures displayed in the calendar represent the average yield on the Bund auctioned.
18.00 GMT: USD – FOMC statement – The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) statement is the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
20.00 GMT: NZD – Interest Rate Decision – Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
October 29, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold
U.S. stocks rallied yesterday ahead of the FOMC statement. Investors widely expect the Federal Reserve to end their quantitative easing program today. However, interest rates should remain the same. Earnings season has also been mostly positive and traders have welcomed results which have eased fears of an economic slowdown. The S&P 500 closed 1.19% higher and the Dow Jones climbed 1.12%. Asian stocks also moved higher across the region. The Nikkei climbed 1.46% higher as the Dollar climbed back up to ¥108. The Hang Seng increased 1.27% as the trading link between China and Shanghai looks closer as Hong Kong’s stock regulator reported that they had finished preparatory work. European markets are higher today as attention has now turned to the FOMC statement at the completion of the Fed’s two day meeting. Currently, the DAX is up 0.70% while the FTSE 100 gains 0.47%. The CAC 40 is off 0.05%.
WTI crude after U.S. data. The CB Consumer Confidence came out at 94.5, its highest value since 2007. The strong data fueled speculation that demand for oil could grow and push prices upwards. The American Petroleum Institute released data yesterday showing that crude stock rose by 3.2 million barrels, however, distillates stock declined by 3million barrels and gasoline stock by 3.7 million barrels. The EIA will release data later today at 2.30pm GMT. Gold is trading choppy as traders eagerly await the result of the FOMC Statement. If any hints towards raising interest rates are made we could see the metal drop below its support at 1,220.
Today’s Main Events:
10.35 GMT: EUR – German 10 Year Bund Auction – The figures displayed in the calendar represent the average yield on the Bund auctioned.
18.00 GMT: USD – FOMC statement – The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) statement is the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
20.00 GMT: NZD – Interest Rate Decision – Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
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