ZuluTrade Blog

Market Recap – FOMC meeting

Wednesday, July 31, 2019 10:43 AM GMT

The long awaited monetary meeting of the FED is happening today. A 25pbs rate cut is the most likely outcome. Yet, there is a great chance that Jerome Powell’s communication would reveal that this rate cut would not be followed by another one and markets could switch to a risk-off mode with equities falling and USD strengthening.

Today, the deadline expires, for Turkish pilots to leave from the USA and stop the F-35 Fighter Jets training. Meanwhile, North Korea had another short-range ballistic missiles test, the second one in the last 7 days.

Negotiations between Bob Lighthizer, Steven Mnuchin and Liu He continue in Shanghai, but no pubic statement has been made.

Macro releases: Earlier today, Australian inflation was slightly higher and Chinese Manufacturing PMI moved higher to 49.7, just bellow the 50 level threshold that separates expansion from contraction.  Later today, the focus turns to the European inflation release, the Canadian GDP, the US crude oil inventories and the FOMC press conference.


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