EU Bullet Report | FOMC awaited to set the direction

• The market awaits for the March FOMC minutes today, however no significant direction is expected to be given to traders as to the path of future interest rate hikes. On the contrary, Big Banks have mixed expectations as to the outcome of today’s minutes. Whereas Bank of America expects a weak USD following the news, Barclays and RBS expect a stronger USD. In other data, Germany will release its industrial production data for February, however that will have limited effect on the EURUSD.
• Equities: Stocks recovered mildly, partially helped by rebound in oil and commodity prices but also from Chinese data beating market expectations. In Europe, German DAX gapped higher in what is expected to be a good day for indices following a 2 day slump in US stock markets.
• OIL and Gold: Crude oil prices recovered after falling over the past 2 days. The gains were supported by a decline in US crude oil inventories however it is doubtful that this rally will last as a deal on output freeze between oil exporting countries seems highly unlikely. GOLD has been mixed, trading between $1235 and $1225 moving in an inverse correlation with stock markets.
• Currencies: the market continues to be mostly trading within a range with the exception of JPY and JPY crosses. USDJPY is a downtrend, down the most since January 2015. Prices have briefly dropped below 110 but rebounded afterwards.

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