Gold remains higher despite positive Evergrande news out of China. Meanwhile, copper bulls are pushing prices upward as the potential for a housing crisis in China ebbs.
The Japanese Yen was falling after Evergrande’s coupon payment as the Bank of Japan left monetary policy unchanged ahead of the PM election and FOMC interest rate decision.
The AUD/USD and NZD/USD pivoted higher after China’s Evergrande Group announced a deal with creditors to repay onshore bond interest due September 23. Eyes are on the Fed next.
The Dow Jones fell as the Nasdaq 100 gained during a fairly quiet session ahead of the FOMC rate decision. Ahead, the Nikkei 225 is eyeing the BoJ monetary policy announcement.
AUD/USD fell overnight as traders failed to buy Wall Street’s dip on Tuesday. Investors are eying Chinese markets and the PBOC to gauge Evergrande risks. The Bank of Japan rate decision is on deck.
Markets are expecting a hawkish FOMC when the September Fed meeting concludes on Wednesday.
Bloomberg’s Larry Tabb on the recent surge in retail investing activity, speculative trading and the one thing most misunderstood about the markets.
The Australian broker noted that Buffon has over 20 years of trading experience.
Nasdaq 100 recovers, but market caution ahead of the FOMC monetary policy decision caps its gains. Elsewhere, Uber rises more than 11% on upgraded quarterly guidance.
Oil and gas prices remain under pressure as supply constraints, interest rate decisions and rising inflation weigh on the energy sector.
Watch PBoC action for possible signal of Beijing’s support
Copper prices are quickly heading back towards their August low – and perhaps lower.
Tomorrow brings the Fed for a highly-anticipated rate decision. Will the FOMC announce taper, or will they punt to the November rate decision?
USD/CAD may consolidate ahead of the Federal Reserve interest rate decision as the exchange rate struggles to test the August high (1.2949).
Last month, the broker was fined €40,000.
The tumbling USD/JPY may continue leading up to the Bank of Japan (BoJ) and FOMC rate decisions tomorrow as the Japanese Yen piggy backs off global risk aversion.