Economic data has been of secondary importance of late as capital flows dominate currency markets. That said, the market will look at this weeks data to try and make sense of how deep any global recession may be. Along the more closely watched releases this week will be durable goods orders, which have been trending lower and the first reading of Q3 GDP. Growth is expected to have turned negative from mid-summer.
The two day FOMC meeting concludes Wednesday afternoon with the market expecting at least a 50 bp cut. The Fed has never not cut rates at its first meeting following an emergency cut.
