Market Snapshot – Markets Await the Central Banks

Busy Day Ahead

It is going to be an important day for the dollar today as there are a host of events and data that are lined up for release today. This includes the FOMC rate announcement and statement, where the market expects the Fed to hike rates and also provide guidance on future rate hikes in 2018. Then there is the speech from President Trump about the tax reform and this is also expected to keep the traders busy. Also, we have the inflation data in the form of CPI from the US and all these points to a busy second half of the day for the traders.

Euro Stock Markets Continue to Loiter

The European stock markets continue to trade in a tight manner with consolidation and ranging being the order of the day. The traders there seem to have gone on an early holiday and probably that is why we are seeing little life in the markets there despite some strong data coming in on a weekly basis.  It remains to be seen whether this is likely to continue for the rest of the week with the Fed, ECB and the BOE scheduled to make their respective announcements towards the end of the week.