MARKET WRAP: Stocks Closed Higher Ahead of Fed Decision

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.


  • 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.


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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.


  • 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.


  • 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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