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Fed’s Outlook Critical Piece of Puzzle

Interest Rate Hike Digested into Markets, Jay Powell’s First Press Conference

The U.S Federal Reserve will be the center of focus for global traders today. The U.S central bank is widely anticipated to hike its key lending rate, which makes its outlook about future interest rate increases the crucial mechanism for broad market reactions. Also of interest will be the Press Conference, which will be dominated by Jay Powell’s first question and answer period as the new Chairman of the Fed. The U.S Dollar has been relatively strong, but volatility is assured in the coming hours. Traders should keep in mind the expected interest rate hike has been digested into forex already, which makes the Fed’s projections for the remainder of the year the key factor.

Cautious Sentiment Lingering in Equities, European Markets Positive

Although Wall Street gained yesterday its results were not magnificent, and cautious sentiment continues to linger. European equities did turn positive on Tuesday, even as German Business Sentiment data produced an unexpected tumble. The U.K will publish Average Hourly Earnings statistics this morning, and tomorrow the Bank of England will issue their monetary policy report. Asian equities have been mixed this morning as the Nikkei Index faces headwinds, but the Hang Seng composite has climbed rather well.

U.S Crude Oil Gains Past Two Days, Crude Oil Inventories Later Today

U.S Crude Oil has proven capable of making gains the past two days. The summit in Washington between the U.S and Saudi Arabia may have bolstered confidence for the commodity. Crude Oil is above 63.00 U.S Dollars a barrel as key resistance looms, and supply data is ready to be published from the States.