By Rhys Miles
If last night’s activity looks familiar it is because we saw it all before the night earlier. Subdued is the best way to describe the week’s activity so far for good reason as we approach tomorrow morning’s Fed decision.
Higher Chinese inflation data yesterday courtesy of surging pork prices was enough to see the AUD up a little but then lost all that momentum and then some overnight as our soft business confidence numbers were absorbed. The AUD is barely holding up 0.6800 currently and has lost a little against the other majors.
As alluded to earlier in the week, speculation dominates the global markets at the moment but at least a lot of that will be definitive when the US Fed and ECB completes their respective meetings. Equities markets remain plateaued with the Dow off slightly last night and locally the ASX falling, apart from mining stocks which are benefitting from a rallying iron ore price.
US CPI will precede the US Fed decision tomorrow morning and the Fed will also release their “dot plots” which is a view of the expected trajectory of future interest rates. Prepare for some volatility in the next 24 hours.
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