Oct. 29: MARKET REVIEW
US dollar is steady ahead of the Fed’s meeting results which will be announced today. The central bank is expected to end QE, but take a cautious tone about raising rates.
EUR/USD is consolidating in the $1.2735 area after reaching $1.2764 yesterday. According to Reuters, there’s a talk of a big option which expiries in the $1.2700/25 area could keep the common currency bound to these levels in the near term. GBP/USD consolidates at $1.6140. Great Britain will release Net Lending to Individuals data at 8:30 GMT.
AUD/USD is consolidating in the $0.8860 zone after spiking to $0.8881 yesterday. Asian stocks rose, with the regional index near the highest level in 4 weeks. NZD/USD rebounded to $0.7930 on strong ANZ Business confidence index (26.5 vs. 13.4 exp.)
USD/JPY has recovered above 108 yen. Strong Japanese Industrial production data: +2.7% vs. +2.3% exp.