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US stock markets and Gold made record highs before starting to consolidate ahead of today's Fed meeting, which is strongly expected to begin a program of rate cuts.
- All eyes are on today's meeting of the US Federal Reserve, which is expected by literally everyone to cut its interest rate, with a small minority predicting a cut of 0.50%, which would be a dovish surprise. The major area of interest will likely be whether the Fed will make the two further rate cuts at each of its next two meetings before the end of 2025, with most analysts expecting that this will happen. Stock markets have been rising, and the US Dollar has been falling, so any dovish surprise can be expected to send a push in the direction of those long-term trends.
- Stocks are bullish, with the MSCI World Index up, and US markets looking especially bullish The two major US indices, the broader S&P 500 Index and the tech-based NASDAQ 100 Index, both made new all-time high prices yesterday, with the S&P 500 breaking above 6,600, and trend and momentum traders will be interested in being long here.
- The Bank of Canada is strongly expected to cut its interest rate today at its policy meeting by 0.25%.
- In the Forex market, the Swiss Franc has been the weakest major currency since today's Tokyo open, with the British Pound the strongest. However, attention will likely be focused today on the EUR/USD currency pair, which made a substantial bullish breakout yesterday by closing at a new 4-year high price. Trend and momentum traders will be interested in going long here.
- There will be releases today of:
- UK GDP
- New Zealand GDP
- Australia Unemployment Rate