European markets did not continue the rally that began in Asian markets as investors looked to central bank meetings in Europe and the U.S. U.S. President Donald Trump gave fresh hope to investors as he announced on Twitter that he would meet Chinese President Xi Jinping at the G-20 summit next week in Osaka, Japan. Trade negotiations had been stalled since mid-May after the U.S. accused China of reneging on aspects of the deal that had already been agreed, with China firing back in state media.
The Dow rose 59 points or 0.2% by 9:40 AM ET (13:40 GMT), while the S&P; was flat and tech-heavy Nasdaq composite fell 12 points or 0.2%.
GBP/USD moved higher after a UK data release and is showing some signs of bottoming. However, the Federal Reserve meets later today and will ultimately determine the direction of the pair.
Who wouldn’t know the Spaghetti Western The Good, the Bad and the Ugly? In today’s analysis, we have important pieces of economic data starring in the first two roles. Retail sales and industrial production rebounded in May, while the Empire State Index plummeted in June. How will these reports affect today’s FOMC decision and the gold market?
The Crude prices had soared more than 5% yesterday, shooting from $51.75 bbl reaching $54.44 bbl. Trump plans to fire the Fed Chief, depending upon today’s Monetary statements.
The catalyst behind the price action today is likely to be the Fed’s interest rate decision, monetary policy statement and dot-plot projections. The Fed is expected to leave its benchmark interest rate unchanged at this meeting, but traders want to know what it is going to do in July, September and December.
Sellers have dominated EUR/USD for much of the first half of the month. The highly anticipated Fed meeting, scheduled later today, stands to change that, however, the bar has been set high.
ECB president Mario Draghi has long been known as the king of the doves. And, as anyone trading the German DAX (GER30) or EUR crosses would attest, he directed a powerful rebuttal to the growing calls that the bank is out of ammunition to fight a future recession.
In my cynical view, when it comes to OPEC+ supply discipline, it’s is all about price. So with prices languishing at the bottom of the current ranges, OPEC and co continue to move closer to extending supply cuts as a precarious fortnight for oil markets has forced OPEC+ who have agreed to a meeting in July — suggesting that a supply cut extension is on the way.
Investing.com - With markets broadly on hold ahead of the Federal Reserve’s policy decision, gold prices dropped on Wednesday on growing hopes that the U.S.-China can take their trade dispute down a notch or two.
Based on the early price action, the direction of the AUD/USD the rest of the session is likely to be determined by trader reaction to the downtrending Gann angle at .6862. The short-covering rally could continue if the Fed comes across as excessively dovish. However, gains are likely to be limited because the Reserve Bank of Australia is also dovish on interest rates. The AUD/USD could plunge if the Fed indicates the first rate cut in 10 years will take place in September rather than July.
Is Rory Stewart heading for the number 2 spot to ruffle Johnson’s feathers? Today’s ballot and TV debate will garner plenty of interest.
Investing.com - The U.S. dollar was holding steady against a currency basket on Wednesday ahead of the Federal Reserve’s closely watched rate decision later in the day, as hopes for progress in the U.S.-China trade dispute supported market sentiment.
It’s all eyes on the FED later in the day as the Asian markets respond to news of Trump and Xi’s planned G20 Summit meeting.
Investing.com - Gold prices were unchanged on Wednesday in Asia as traders await the conclusion of the Federal Reserve’s two-day meeting.
Investing.com - The U.S. dollar and the euro traded near flat on Wednesday amid expectations for more stimulus from the European Central Bank as investors turned their attention to the Federal Reserve's closely watched rate decision later in the day.
President Donald Trump on Tuesday said he’d hold “extended” talks with Chinese President Xi Jinping at next week’s G-20 summit, as he rebuked European Central Bank President Mario Draghi over a possible move to provide further monetary stimulus.
The Dow and S&P 500 on Tuesday finish at their highest levels in about six weeks ahead of a key Federal Reserve decision, as President Donald Trump tweeted that he had a productive conversation with Chinese counterpart Xi Jinping.
The RBA policymakers mentioned that the Bank would opt for reducing the interest rates again. German ZEW Survey June Economic Sentiment data shocked market reporting -21.1 points.
President Donald Trump’s hostile response on Twitter to Draghi’s signal that the ECB could move to provide further monetary stimulus as early as next month is stoking fears that a potential U.S. trade war with its major trading partners could also be accompanied by a currency war.
Based on today’s price action and the current price at $1349.90, the direction of the August Comex gold futures contract into the close will be determined by trader reaction to the 50% level at $1349.40 and the Fibonacci level at $1352.40.