Market Snapshot – Markets Await the FOMC

Markets Eye the FOMC

All eyes will be on the FOMC meeting minutes later in the US session today. The markets have been choppy over the last few days due to the increase in risks globally and this has been affecting the dollar in particular. The market would hope that some stability would return but that is not in the hands of the economy or the economic data but more in the hands of the political leaders. The latest round of risks has been triggered by the escalation of the war in Syria with the US and Russia issuing threats to each other and it appears only a matter of time befoe the conflict there begins to escalate and if and when that happens, it is going to be a tough time for the markets as such a situation is not good for anyone. This comes in the midst of on ongoing trade war between the US and China and hence it is likely that the markets would continue to be choppy and under pressure in the short term.

Cryptos Stable

The crypto markets have been pretty stable over the last few days and though the BTC prices continue to trade near the lows of its range, the support seems to be holding up well so far and this is only going to enhance the confidence of the traders. There does not seem to be any immediate threat of the support region being broken and hence, the market is likely to attract traders for the time being. But the confidence would not return among the traders until and unless the price break through the $7400 region in the BTC market and the bulls manage to hold the prices above that region for some time. That is going to require a lot of efforts from the bulls and this is going to be the focus of the markets and the traders over the next few days.