Investing.com - Here’s a preview of the top 3 things that could rock markets tomorrow
Eurozone Inflation
Economists forecast the provisional reading of Eurozone inflation for January to cool to 1.3% from 1.4% in the previous month.
Inflation has trailed the European Central Bank’s target, of below, but close to, 2% over the medium term. The inflation report may add to growing investor expectations that the European Central Bank will announce plans to rein in accomodative monetary stimulus at its March meeting.
EUR/USD fell 0.10% to $1.2402
Fed Rate Decision, Fed Era of Yellen Ends
The Federal Reserve is expected to stand pat on interest rates when it concludes its policy meeting Wednesday.
There will not be a press conference as the Federal Reserve is amid a transitional phase with Ms Yellen slated to leave her role as Fed chair on Feb. 3.
Investors are expected, however, to parse the accompanying policy statement carefully for any insight into a possible shift in the central’s bank commentary concerning inflation and monetary policy.
Goldman Sachs said it expects the Federal Reserve bank to adopt a slightly hawkish slant in its commentary related to economic conditions and inflation.
The dollar traded higher against its rivals on Tuesday but remained close to three-year lows.
Energy Information Administration Weekly Inventory Report
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles rose for the first time in eleven weeks.
Analysts forecast crude inventories rose by about 126,000 barrels in the week ended Jan 26.
Crude oil futures settle lower on Wednesday as fears over rising US oil output and supplies offset optimism over OPEC-led output cuts.