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Market steady ahead of Fed

Wednesday, Sep 16 2015
From Australia this morning only MI Leading Index figures were released. The six month annualised deviation from trend growth rate in the Westpac–Melbourne Institute Leading Index, which indicates the likely pace of economic activity three to nine months in the future, decreased from –0.40% in July to –1.14% in August. However, traders currently sit on the sidelines awaiting the much anticipated US interest rate decision.
 
There is a one-in-three chance the Federal Reserve will announce a rate rise and one is fully priced in for some time by January. The Federal Open Market Committee, the Federal Reserve's policy arm, will cap a two-day meeting on Thursday with the rate announcement. Though the Fed has signaled it would raise its zero-level benchmark rate this year, given the concerns about China's slowdown and stocks plunge, markets are on tenterhooks about whether liftoff will come.
 
Aussie is currently being traded few points above 0.7140 level. Pair is likely to find support around 0.7070 area and resistance above 0.72 handle. Later today, in the US session, CPI figures are scheduled for a release.
More in this category: « U.S. Retail Sales rose by 0.2% U.K. Unemployment Rate fell to 5.5% »

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