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MARKET WRAP: Stocks Closed Higher Ahead of Fed Decision

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Fundamental analysis of Forex market

Fed is likely to remain on autopilot and data dependent. Traders are not expecting another rate hike but they expect a dovish statement.

Stocks

  • The S&P 500 Index jumped 0.7 percent as of 15:32  in London.
  • The Stoxx Europe 600 Index soared 0.4%, touching the highest level in eight weeks.
  • The U.K.’s FTSE 100 Index scored another 1.6 percent gain.
  • The MSCI Emerging Market Index followed global markets and jumped 0.2 percent.

Currencies

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  • The Dollar Spot Index is up 0.2 percent ahead of the Fed decision.
  • The Euro dropped 0.2 percent to $1.1413, mainly due to the dollar strength.
  • The British pound gained its lost ground and up by 0.2 percent to $1.3086.
  • The Japanese yen fell out of luck and down by 0.3 percent to 109.71 per dollar.

Bonds

  • The yield on 10-year Treasuries jumped one basis point to 2.72 percent.
  • Germany’s 10-year yield retraced and dropped one basis point to 0.18 percent.
  • Britain’s 10-year yield also moved lower by one basis point to 1.25 percent.

Commodities

  • West Texas Intermediate crude liked the global sentiment and jumped by 1 percent to $53.87 a barrel.
  • Gold retraced a little but still unchanged at $1,315.50 an ounce.

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