The Euro has is in the lead in anticipation of tomorrow’s Federal Open Market Committee (FOMC) meeting. The Fed is expected to hike up rates by 75 bp, similar to the shift made earlier this month by the European Central Bank.
Today’s Riksbank monetary policy decision kicks off a busy week for central banks in Sweden making adjustments to interest rates to combat high inflation.
Banks are expected to make a policy shift in the next few days including the Bank of England, Swiss National Bank, South African Reserve Bank and Norges Bank.The focus will be on the Federal Reserve on Wednesday as they are expected to announce their decision.
BoJ is expected to meet on Thursday, but it seems they will maintain ultra-loose monetary conditions despite CPI being above forecasts today. Similar to the state of most currency pairs today, USD/JPY is experiencing another quiet session.
Recoveries are being made from losses as Crude oil and Gold are rising. Crude Oil is trading near to where it started the week, as opposed to yesterday’s dip. The WTI futures contract is approaching USD 86 bbl although the Brent contract is a bit above US$ 92 bbl. Gold is also near 1,675 USD an ounce recovering from overnight losses it suffered.
After a positive cash session on Wall Street, APAC stocks are experiencing a good day. Futures markets are tilting toward a good start to European and North American equity markets.
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