Markets Await FOMC Meeting Today
Markets Await FOMC Meeting Today
Gold declined after U.S. home re-sales rose in October to their highest level in more than 9 and a half years. The yellow precious metal touched $1,220 before settling at $1,210. The precious metal is awaiting further signals from the U.S. economy.
Traders will be turning their attention to today’s minutes of the Federal Reserve's November policy meeting, given a U.S. interest rate hike next month is now a near-certainty.
It seems we’ve seen an upward trend of the dollar over the past two weeks since the U.S. presidential election tends to decline before the Thanksgiving holiday.
Sterling erased its gains and traded at $1.24. Technically, it could decline further to $1.23 during the next period.
Euro settled at $1.06 vs. USD, amid lack of data. Markets are awaiting important releases from Germany and the United States, which will be released later on today. In addition, fiber could trade under pressure in anticipation of the Federal Reserve's meeting.
Oil prices rose yesterday and touched its highest level in a month, amid growing expectations that the Organization of the Petroleum Exporting Countries could beat the internal disputes and doubts to strike an agreement that materially reduces crude output. However, some warned a failure by OPEC to reach a deal at its 30th November meeting in Vienna. WTI was affected by such news and settled above $48. Technically, it could touch $50.
The most important economic events:
Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.
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