I apologize for the late post today. I was out of town this weekend and got in late, so I started my analysis a little late.
We have so many different themes in the market – from the US economy, US pressure on China’s currency, rising commodity prices, etc – that many possible trade opportunities exist out there. But we do have the FOMC rate decision tomorrow at 2:15 pm EST, and we should see a muted trading environment as the market waits for the Fed’s outlook on inflation, the economy and future interest rate moves.
We do have the US Trade Balance report tomorrow at 8:30 am EST with consensus at -63.0 B. This report has been in a positive uptrend with lower oil and rising exports and we will probably see volatility after the report is released, but it may be short lived ahead of the FOMC Interest rate statement.
So, no pick for tonight ahead of the FOMC Interest rate statement, but they may change in the morning during the US trading session, depending on price action and the Trade Balance number in the morning.
Again, I apologize for the late post and stay tuned for any changes!