USD bulls try to resist
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.
Risk On Remains Intact Ahead of FOMC
Information is not investment advice
Midday Market View
The Federal Reserve are facing a tricky situation. The US election is approaching which should result in the Fed staying put. The recent sell off in tech stocks is unlikely to be a concern just now, so cannot see the Fed stepping into back that up. A surprise build in inventories, shutdowns in the Gulf of Mexico, and dollar weakness are all helping US oil higher.
Midday Key Point
- EU Commission head supports that is not the time to withdraw fiscal support
- EURUSD holds an ascending trend line ahead of FOMC
Michael Eliades
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Cable inches towards key resistance near 1.3400
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
AUD/JPY: Risk on remains intact
World shares paused on Monday to assess a record-breaking month
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USD bulls try to resist
Fed's Powell said a slowing recovery and a surging pandemic meant the US was entering a "challenging" few months, with the potential deployment of a vaccine still facing hurdles.
OPEC+ decision is in focus
Investors are waiting for the significant decision of OPEC+ members to prolong oil output cuts or stop them.
Cable inches towards key resistance near 1.3400
The progress on the COVID-19 vaccines and hopes of a swift economic rebound next year added to the optimistic sentiment in the market.
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