| Sep 2 2010, 21:42:08 GMT | Sydney: | 07:42 | Tokyo: | 06:42 | Barcelona: | 23:42 | London: | 22:42 | New York: | 17:42 | San Francisco: | 14:42 |
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US Session: Dollar Resumes Downward Trend After Session of Profit-Taking
Market Brief
The dollar declined against most of the G10 as investors and Traders resumed diversification out of dollar denominated assets and into higher yielding instruments. . Equity markets are slightly higher in the US and marginally higher overseas in Europe. This activity is likely to be fairly neutral due ahead of the FOMC meeting tomorrow and several other smaller economic data points. Price action infers that the small blip to the downside in the previous session was a move to close out outstanding positions as things wind down. It seems that the usual suspects have resumed their positive trend with gasoline futures higher for the first time in five days, followed by a slight uptick in oil and gold prices.
There are several economic data points scheduled to be released following the much anticipated FOMC meeting. While the general consensus is for the Fed to leave rates unchanged, investors are more focused on the commentary following the decision. Further clarity regarding the Fed’s ability to raise interest rates before year-end should produce some volatility, in addition quarterly GDP, durable goods, new home sales, and initial jobless claims will test the green shoots theory once again.
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