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The EUR is the strongest. The CHF is the weakest.


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The USD is modestly weaker ahead of the FOMC decision

As the market prepares for a dovish FOMC hike (barring a surprise), the EUR is the strongest. The CHF is the weakest. The USD is weaker (modestly) with most of it’s declines vs the EUR and NZD.  IN addition to the FOMC meeting today, the solving of the government shutdown will be in the news. Canada will release CPI data and the US will release current account balance and the existing home sales. Yesterday, the housing starts and building permits were better than expectations.  

Looking at the ranges and changes, the volatility is muted relative to the 22 day average trading range.   Traders are waiting for the Fed.  

A snapshot of other markets are showing:

  • spot gold down $1.95 or -0.16% at $1247.48
  • WTI crude oil futures are up modestly by $.14 or 0.30% at $46.38
  • Bitcoin on Coinbase are keeping the bullish correction going today. It is up $293 and $3827. 

The US equity futures are pointing to a higher U.S. opening, but off early trading levels:

  • Dow, +127 points
  • S&P, +10 points 
  • Nasdaq, +20 points

FedEx is lower after reducing guidance on lower Europe and Asian markets.  Facebook is also under more pressure after it was discovered even more user data was easily accessed.
In European markets:

  • German DAX, +0.7%
  • France’s CAC, +0.8%
  • UK’s FTSE, +1.0%
  • Spain’s iPAQs, +1.0%
  • Italy’s FTSE MIB, +1.88%

In the US debt market, yields are mixed but little changed:

The 10 year European sector, Italian yields were sharply lower on the back of a budget debt agreement of 2.04% by the EU commission after the close:

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