Current Market Sentiment | FOMC Meeting Minutes

The next major tradable event is release of meeting minutes from the FOMC’s recent decision on monetary policy (7:00pm GMT). Our long-dollar bias remains intact. Watch the weekly risk events overview here or read my analysis of current market sentiment in order to prepare for this release.

Current Market Sentiment:

During yesterday’s NY session US CPI came in close to expectations overall; headline CPI for October was 0.2% m/m as expected, and 0.2% y/y, slightly above 0.1% expected. Core CPI was in line with expectations at 0.2% m/m and 1.9% y/y. The USD saw little reaction initially but remained relatively well bid against weak currencies for the remainder of the session.

Also during the session the GDT price index came in at -7.9, marking the third consecutive fortnight of negative results. The milk powder price fell -11%. The Kiwi moved 20 pips lower but failed to break to fresh lows given that the pair has already fallen 340 pips in two weeks. The pair has since retraced 30 pips from lows. Westpac expects Kiwi at 0.62 by year end.

There was no major data out during the Asian session. The Australian Wage Price Index came in at 0.6% as expected. Major pairs have remained rangebound.

At least one French Police officer has been shot during an exchange of gunfire with Islamic terrorists in the northern suburbs of Paris. Elsewhere two Air France flights have been diverted due to bomb threats. We will keep an ear on the news audio for further developments which may cause risk-off sentiment.

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Source:: Current Market Sentiment | FOMC Meeting Minutes

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