Wednesday Market Recap
Stocks are little changed once again today, as the Federal Reserve’s interest rate decision will come out later on. The slightly worse than expected report from Apple, the most valuable public company weighed on the overnight market, but the major benchmarks recovered from their early losses. On a negative note, the Chinese market remains weak, and that puts pressure on the major industrial metal and oil. Japanese and European stocks are still relatively strong, but they still failed to catch up to the NASDAQ so far this week. “Fed-Days” are usually choppy, so day-traders should expect difficult conditions.
Forex markets are also quiet before the Fed decision, as the US Dollar recovered some if its recent losses against the majors. Commodity currencies got hit once again, especially the Australian Dollar, as the cautious words from the local central bank, the RBA pushed the Aussie lower. Gold failed to bounce higher, despite the retreat in stocks, and the Shiny Metal is trading around the $1250 level again. Oil futures briefly hit a new 6-month low yesterday after the Saudi Prince’s optimistic comments regarding the country’s economy.
Read more ... source: TheBitcoinNews
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