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The wait continues as markets are having to grapple with plenty of tension ahead of the Fed decision next week. The rate hike surprises by the RBA and BOC aren’t helping to ease the mood, as it gives some idea that perhaps the Fed will also increase rates as well.
All of this is keeping markets on edge and a selloff, likely on profit-taking, in AI-related stocks yesterday weighed on equities sentiment. That is feeding into the overall risk mood today as well, with S&P 500 futures down 0.2% and Nasdaq futures down another 0.4% currently.
For the Nasdaq in particular, the drop yesterday was a bit of a blow after having taken out its August high at the end of last week:
Looking over to major currencies, the push and pull continues on the week as traders seem rather disinterested and understandably so. All eyes are on the main events next week and we are not likely to get any firm moves in terms of direction until then.
For today, keep in mind of large option expiries for EUR/USD at around 1.0700 and USD/JPY at 140.00. They will be a notable driver with little on the economic calendar to really impact markets.
0900 GMT – Eurozone Q1 final GDP figures
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
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