Markets upbeat ahead of Fed decision

In Asian trade, the Japanese yen was 0.2 per cent weaker at Y121.88 per US dollar, while the euro was 0.1 per cent stronger at $1.0944.

Commodities markets struggled to build on their overnight recovery, with Brent crude, the international benchmark, down 0.5 per cent at $38.26 a barrel, and West Texas Intermediate down 0.6 per cent at $37.13.

There’s really only one thing on investors’ minds today: the Federal Reserve’s interest rate decision. The market has placed a 81 per cent probability to the US central bank lifting interest rates by 0.25 percentage points, representing the first interest rate move since December 2008 when rates were cut to zero, and the first rate rise since June 2006.

Markets are steaming into today’s US interest rate decision in an upbeat mood, with Asian benchmarks rallying.

Asian stocks have had a strong session, latching onto a positive lead from Wall Street, as the price of oil rebounded on Tuesday and concerns about the high-yield bond market eased.

Australia’s S&P/ASX 200 ended 2.4 per cent higher, while Japan’s Nikkei finished with a 2.6 per cent gain. Hong Kong’s Hang Seng was ahead by 1.9 per cent late in the day, while the Shanghai Composite was 0.5 per cent higher.

The post Markets upbeat ahead of Fed decision appeared first on FXTM Blog.

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