By Areena FxImportant news for the day
- Wed 30th, 14:15 CET US ADP employment change.
- Wed 30th, 15:45 CET CA BoC interest rate decision.
- Wed 30th, 20:00 CET US FOMC interest rate decision.
Major news
Donald Trump visited the construction site of the Fed, which is supposed to cost more than USD 2.5 billion. This marks the first visit of a US President since 20 years. The pressure on Jerome Powell keeps rising and with that the question, why he does not cut rates earlier. On the other hand still positive incoming economic data seem not to ring any alarm bells, which is why no further rate cuts are being implemented. Furthermore, also the BoC is not expected to cut rates today. The interest rate in Canada currently sits at 2.75% and hence 1.75% lower as compared to the US. The USDCAD currency pair might offer interesting trading opportunities as the market has recently bounced off a major support zone.
Market talk
Equities see no signs of weakness, despite the growing positive momentum of the Dollar. It seems that trailers are currently waiting for the release of the interest decision in order to make new bets in markets. Also the crypto space remains in a sideways pattern. Remarkable though, that ETH remains close to the major technical resistance zone of USD 4,000 with potential signs of breaking to the upside anytime soon.
Tendencies in the markets
- Equities sideways, USD stronger, Bitcoin positive, ETH positive, oil rising, Silver lower, Gold weaker, JPY weak.