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Market Reports

8:44am, September 18th 2019

All eyes on the Federal Reserve…

It’s another big day for financial markets as the much anticipated Fed announcement arrives. Over the past month, many participants have debated what the Fed should do and what they will do, at tonight’s announcement.

The base case is for a 25bps interest rate cut which would take the range down to 1.75% – 2%. A 50bps cut, which some had thought possible a few weeks back, appears far from likely, with economic data and the stock market improving of late. Much of tonight’s focus, from a market perspective, will be on the forward guidance and voting. It will be interesting to see how many dissenters today’s cut encountered. If it’s more than last month’s cut then we can safely assume further cuts will be hard to accomplish for Powell. In respect to guidance, key words and phrases will be monitored. For example, if the term ‘patience’ is included within the statement, it’s a clear message that the Fed will be looking to buy some time to monitor developments between now and Christmas. This would be US dollar positive. On the other hand, if more dovish-styled rhetoric is used, including words such as ‘accommodation’ then we may see some weakness in the greenback.

Elsewhere, it’s a key day for inflation readings with the UK, Eurozone and Canada all releasing prints across the trading day. All-in-all it should be a fairly volatile day with some potentially big swings for the mighty buck.

Written by Viv Savani. 8:44am, September 18th 2019

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:38am, October 10th 2019

Sterling languishes near lows…

View Report
9:01am, September 20th 2019

GBP jumps higher on Juncker comments, BoE unchanged…

View Report
8:39am, September 30th 2019

Another busy week ahead…

View Report

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