The FED left rates unchanged at today’s FOMC meeting, followed by Chairman Powell’s press conference with some dovish tone saying “case for rate hike has weakened, incoming data has showed more slowing in global growth”.
DJIA up over 500 points at one stage led by Apple which rallied 7%, USD heading south with lower Treasury yield across the curve.
Minutes of Dec 18-19 FOMC came out with some dovish tone;
Busy First week of November with Bank of Japan MPC meeting on Monday, Bank of England on Thursday, and US NFP report on Friday.
Both BOJ and BOE are expected to keep policy unchanged, Friday’s NFP is expected to see a strong increase of 193k vs 1334k in previous month.
Bank of Canada is meeting on Wednesday for a possible 25bp hike in its official interest rate from current 1.50% to 1.75%, while ECB is expected to keep policy unchanged on Thursday at the monetary policy meeting, press conference by ECB President Mario Draghi should be carefully monitored to see if there is a hint of first rate hike in Q2 or Q3 2019.
Not much economic indicators out of the U.S. during the week of October 15, FOMC minutes will be out on Wednesday to see if there is any hint of another hike in December.
Otherwise, Global stock market behavior remains to be the focus after a turbulence started in the U.S. market spread worldwide this week.
October 8 week schedule,
FXDD, FX market, Stock market are open on Monday October 8 Columbus Day.
Inflation data(Sep CPI) out of US on Thursday should be the main economic indicator of the week.
The Bank of Japan is expected to keep policy unchanged on Tuesday evening (NY time), as well as The Swiss National Bank on Thursday.
Otherwise a rather light schedule week with no major data out of the U.S.
It seems every time Michel Barnier speaks lately, he sends cable into a frenzy.
This morning his comments sent Sterling higher in a hurry, jumping up 100 points in a matter of minutes.
He said he believes a Brexit deal can be done realistically within 6-8 weeks.
Bank of England and European Central Bank are scheduled to hold monetary policy meeting on Thursday Sep 13, both are expected to keep rates unchanged.
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