Morning Markets: Tech stocks turn it around ahead of FOMC
- UK Labour Market Report 0830 GMT
- US Consumer Price Index 1230 GMT
- US Federal Reserve Announcement, Economic Forecasts (1800 GMT) and press Conference (1830 GMT)
- Asian markets opened mostly higher ahead of China data and after the US rebound
- Investors await today's Federal Reserve interest rate decision and policy outlook
- The Fed is expected to raise its benchmark interest rate for the second time this year
- Westpac-Melbourne Institute shows Australian consumer sentiment fell 1.8% in June
- Australian miners were hit by a 2.8% fall in iron ore overnight to a 12-month low
- Oil resumed its fall after a surprise buildup of US stocks
- China's retail sales rose 10.7% year on year in May, matching the consensus estimate
- China's industrial production grew at 6.5% year on year versus 6.4% expected
- The US dollar held declines ahead of the US Fed rates announcement
- The yen was steady at 110.08/dollar after falling 0.1%
- The Canadian dollar continued to trade at around three-month highs
- The kiwi fell 0.2% to 0.7206 to the US dollar on a widening current account deficit
From the Floor
Staying the course. “The reason one might look for hawkishness is that Yellen is in legacy mode,” says Hardy.
Fed focus. “I think everything will focus on the inflation outlook,” says Garnry
Get all the latest from Saxo Bank's trading floors in From the Floor, within the hour.
Along with the Fed's interest rate decision, keep your eye on the update for growth estimates, writes James Picerno. The central bank will probably maintain the 2% trend for economic activity.
The conventional wisdom is that EURUSD will rally if the US versus Germany 10-year bond spread narrows, but what if this is turned on its head, asks Max McKegg.
Asian markets are digesting the China data and awaiting the US Federal Reserve's policy decision, writes the Saxo APAC Sales Trading team.
Morning Markets goes out on the TradingFloor platform at 0700 GMT, Monday to Friday.
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