US Futures Steady after Tech Sell-Off, Facebook and Fed Meeting in Focus

Facebook continues to be in the headlines after yesterday’s massive sell-off. The U.S Federal Reserve will issue its interest rate decision tomorrow.

Asian Equities Mixed After Bad U.S Session, U.K Inflation Data Lower

European stocks have been mostly negative early. Except for the Footsie Index from the U.K which has seen a bit of buying develop, after inflation data published this morning came in below expectations. The Pound has been slightly weaker after the British Consumer Price Index numbers produced a result of 2.7% compared to the estimate of 2.8%. Asian equities were mixed today. After starting off with steep losses the Nikkei and Topix were able to come off lows. Both Indexes finished with declines, but day finished with a flurry of buyers on the Tokyo exchanges. Wall Street is anticipated to open with losses following yesterday’s poor performance. Facebook will be watched closely after yesterday’s stark selling. The NASDAQ Index produced the worst of the declines yesterday and should be monitored.

Fed Expected to Increase Interest Rate Tomorrow, Euro Range Trading

The U.S Federal Reserve’s Monetary Policy Statement will be issued tomorrow. An interest rate hike is widely anticipated, but the quarter of a point increase has largely been factored into forex already. If the Fed doesn’t raise interest rates tomorrow it would provide a shockwave. However, it is the outlook concerning additional increases the remainder of the calendar year from the Fed, which will cause an impact. Another factor to focus on is Thursday’s Bank of England monetary policy publication. The Euro has traded in range versus the U.S Dollar this morning and is near 1.2335.

Gold Relinquishes Gains This Morning, Fast Conditions Expected to Build

Gold has lost a bit of value early this morning as it trades near 1314.00 U.S Dollars an ounce. Fast conditions are expected to build for the precious metal over the next day because of the U.S Federal Reserve’s report tomorrow.

The second Day of G20 Getting Started, Canadian Consumer Data Coming

Canada will release its Wholesale Sales data at 12:30 GMT and this could impact the Canadian Dollar in forex.

• All Day Argentina, G20 Meetings Second Day in Buenos Aires
• 12:30 PM GMT, Canada, Wholesale Sales

Yaron Mazor is a senior analyst at SuperTraderTV.

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