{"id":115764,"date":"2017-11-01T07:20:22","date_gmt":"2017-11-01T11:20:22","guid":{"rendered":"http:\/\/countingpips.com\/?p=115764"},"modified":"2018-06-01T15:53:33","modified_gmt":"2018-06-01T15:53:33","slug":"fed-seen-holding-policy-steady","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/fed-seen-holding-policy-steady\/","title":{"rendered":"Fed seen holding policy steady"},"content":{"rendered":"
November 1, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq closes at new record high<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0resumed advances on Tuesday on strong corporate reports. The dollar was little changed: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, ended fractionally higher at 94.545. The\u00a0S&P 500\u00a0<\/em>added less than 0.1% to 2575.26 led by consumer stocks. The broad stock market index gained 2.2% for the month.\u00a0Dow Jones\u00a0<\/em>industrial average rose 0.1% to 23377.24. The\u00a0Nasdaq<\/a>composite index rose 0.4% closing at record high 6727.67.<\/p>\n

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Investors will be watching closely the Federal Reserve interest rate statement today for central bank\u2019s assessment of US economy and inflation scheduled at 14:30 CET. The Fed isn\u2019t expected to change its monetary policy. While majority of policy makers have expressed support for third rate hike this year in December inflation has remained below the central bank\u2019s target 2% level despite improving labor market. Positive economic data also underpinned market sentiment: the S&P\/Case-Shiller 20-city home price index rose 0.5% during the three-month period ending in August and was up 5.9% compared with the same period a year ago, following the 5.8% annual gain in the period ending in July. The Chicago purchasing managers index rose to 66.2 in October, the best reading since March 2011.<\/p>\n

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European stocks rise as euro-zone growth accelerates<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>extended gains on Tuesday on reports euro-zone economy grew faster than expected in third quarter. The\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>added to gains against the dollar. The Stoxx Europe 600 rose 0.4%. German stock market was closed for a bank holiday. France\u2019s\u00a0CAC 40<\/em>\u00a0closed 0.2% higher and UK\u2019s\u00a0FTSE 100\u00a0<\/em>added 0.1% to 7493.08. Markets opened 0.1%-0.2% higher today.<\/p>\n

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Spanish stocks rallied after Catalonia’s ousted president Carles Puigdemont agreed to a snap election on December 21 called by Spain’s central government to end the crisis. Euro-zone\u2019s statistics agency Eurostat reported euro-zone Q3 GDP grew 2.5% over year instead of expected 2.4% and unemployment fell from 9% to 8.9%, lowest in almost nine years.<\/p>\n<\/div>\n<\/div>\n

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Nikkei leads Asian stock indices higher<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are higher today as continuing global economic growth boosted investor risk appetite.\u00a0Nikkei<\/em>jumped 1.9% to 22420.08 on weaker yen against the dollar. Chinese stocks are higher: the\u00a0Shanghai Composite Index\u00a0<\/em>is 0.1% higher and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is up 1.0%. Australia\u2019s All Ordinaries Index gained 0.5% despite stronger Australian dollar against the greenback.<\/p>\n

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Oil higher ahead of US crude stock report<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are rising today on reports OPEC has significantly improved compliance with its pledged supply cuts. Prices rose yesterday on Saudi Crown Prince Mohammed bin Salman\u2019s commitment, made over the weekend, to extend the OPEC production cut agreement with Russia until the end of 2018. The American Petroleum Institute industry group said late Tuesday US crude stocks declined by 7.7 million barrels last week. December Brent crude rose 0.8% to $61.37 a barrel on Tuesday. Today at 16:30 CET the Energy Information Administration will release US Crude Oil Inventories.<\/p>\n

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Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Nasdaq closes at new record high US stocks\u00a0resumed advances on Tuesday on strong corporate reports. The dollar was little changed: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, ended fractionally higher at 94.545. The\u00a0S&P 500\u00a0added less than 0.1% to […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-115764","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=115764"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115764\/revisions"}],"predecessor-version":[{"id":115774,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115764\/revisions\/115774"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}