Daily Alert – Wednesday 16th September 2020: Markets indecisive ahead of the Fed

Mark NugentDaily Alert, Sept 2020

Daily Alert – Wednesday 16th September 2020: Markets indecisive ahead of the Fed

Sentiment has been indecisive all week. US equities are grinding up slowly. GOLD is moving up from support. WTI is reversing the small losses of the last two weeks after two bullish inventory numbers. The JPY/commodity currency dynamic is not working which is of little surprise given the sentiment. The GBP is making back some of the losses from last week’s UK government-inspired losses.

Tonight we have the Fed Funds Rate at 7pm BST. The interest rate is not expected to change. As always, the market will focus on the FOMC Statement and Powell’s presser at 730pm BST.
In terms of trading ideas, sentiment-driven moves cannot be relied upon at the moment until there is some actual sentiment, which the Fed may provide. Interesting possibilities include GOLD’s move up from support and the bullishness around WTI.

I’ll be back on Friday.

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