Markets stabilized from the post FOMC volatility and engaged in range today so far. European indices opened mildly lower, but loss is very limited. Dollar is a touch higher against European majors, but there isn't any follow through buying for a noticeable recovery. Against commodity currencies, dollar recovered overnight but is kept well below near term resistance and thus, outlook stays bearish. Yen remains soft in general but it's waiting for renewed selling to March lower. In the commodity markets, gold pared back some of this week's sharp gain and is back below 1,360 level at the time of writing. Crude oil is much weaker and is back below 106.50 after failing to take out 109.00 level.
ECB governing council member, Liikanen, reiterated today that interest rates will remain, "at present or lower levels for an extended period of time". And he emphasized, "that is not a message for some weeks, but for longer term". In response to a question about Fed's refrain from tapering, he noted that central banks work for their respective economies and the ECB will, "assess its own situation according to the latest information".
BoJ governor, Kuroda, said that overseas economies will, "gradually pick up as the US and European economies improve". And he expects that to support exports and outputs, as well as a pickup in capital expenditure in Japan.
On the data front, UK public sector net borrowing is expected to rise to GBP 11.9 billion in August. Canada will release inflation data and CPI is expected to slow to 1.1% yoy in August. Core CPI is also expected to slow to 1.2% yoy. Eurozone will also release consumer confidence data in September.
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Markets Stabilized From FOMC Volatility
Published 09/20/2013, 05:15 AM
Updated 03/09/2019, 08:30 AM
Markets Stabilized From FOMC Volatility
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