US Market Wrap: It's risky business waiting for the FOMC
- Australia: Westpac Consumer Confidence-June 0030 GMT
- Retail Sales: (Actual 0.5% vs forecast 0.3%, ex autos Actual 0.4% vs. forecast 0.4%, m/m)
- API Weekly Crude Stocks Change (Actual 1.51 m/b vs previous week -3.56 m/b)
It was another “risk-off” day in America. It sounds a tad worse than it really was. The big three US equity indices closed in the red, but the declines were modest, not like the FTSE100 which shed 2% at its close.
The US consumers are spending and that bodes well for the economy. Unfortunately, the data is unlikely to have any impact on tomorrow's Federal Open Market Committee meeting.
Michael O'Neill is an FX consultant at IFXA Ltd. Follow Mike or post your comment below to engage with Saxo Bank's social trading platform. Missed a day? Here’s what we had to say during our Asian session and our regular European Morning Markets, From the Floor and Mid-session Europe.