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All eyes focusing on Fed

All eyes focusing on Fed

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading below the cloud. Further bearish pressure will lead the currency pair to retest the previous lows.

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Fibonacci Levels

XAU/USD: Gold consolidates above the 23.6% retracement area the last day. Bullish trend gains momentum.

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European Market View

Asian equity markets traded higher as the region received a tailwind from Wall Street where all major indices were lifted amid stimulus hopes. Looking ahead, highlights from macroeconomic calendar include UK and Canadian inflation, Eurozone, UK & US flash PMIs, US retail sales, DoEs, FOMC rate decision & press conference, ECB's de Guindos, Schnabel speeches. Optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi invited other top congressional leaders to meet late on Tuesday to hammer out a deal to be enacted this week. Markets will now look to the U.S. Federal Reserve for new projections on whether the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom.

The central bank is to release a statement later in the day, with analysts expecting some guidance on when and how the Fed might change its bond purchases. Optimism for a trade deal on Brexit also boosted stocks, while contributing to a weaker dollar against the British pound and the euro.

EU Key Point

  • Dollar holds a touch weaker to start the session
  • China says that Australian government should take China's concerns seriously
  • Gold set to launch higher on Fed's last meeting of the year

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The Fed & Delta Variant

The Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only.

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