EUR/USD sits at 1.4730 in early European trade, all but unchanged from where North America left off Tuesday, with trading in Asia a non-event.
Market now awaits the outcome of the latest FOMC deliberations this afternoon. Rates almost certain to be kept on hold, the market concentrating on the Fed’s tone regarding policy. Will the bank drop the phrase “for an extended period” for their description of how long rates will stay abnormally low? My colleague Jamie in the States feels they will keep things as is for the time being, awaiting further evidence of the economy’s recovery.
This morning we have a fair amount of Euro zone data, but nothing to get terribly excited about:
08:45 GMT: Italian October services PMI expected 49.3
08:50 GMT: French October services PMI (final) expected 57.8
08:55 GMT: German October services PMI (final) expected 50.9
09:00 GMT: Euro zone October services PMI (final) expected 52.3, composite 53.0
10:00 GMT: Euro zone September PPI expected -0.4% m/m, -7.7% y/y
European stocks look likely to be opening firmer this morning. Talk of fairly decent sell orders now up at 1.4750.
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