Markets Await FOMC and Expected Rate Rise; Stock Markets Higher; US Dollar Consolidates.
Stock markets have mostly continued to rally as markets await the key US Federal Reserve meeting at which the Fed is expected to hike rates by 0.25%. Close attention will be paid to the language in the FOMC Statement for clues as to whether this will likely be the last rate hike
before rates are eventually cut. If markets believe the statement contains such a hint, we will likely see a firm rally in the US stock market and a further decline by the US Dollar. is very close to making a bull cross / golden cross, with the 50-day SMA about to cross above the 200-day SMA. In this stock index, it has historically acted as an excellent long-term buy signal and may signal the start of a new bull market.
In the Forex market, the US Index is consolidating after having made a bullish reversal from the support level at 101.07. We may be seeing a medium-term bullish reversal against the long-term bearish trend in the greenback. The Australian Dolar is the strongest major currencies while the Japanese Yen is currently the weakest.after reaching within just a few pips short of $1.09 some days ago, so it is likely we will see higher prices there over the coming days.
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