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FOMC MINUTES: Almost all supported maintaining rates at 3.50-3.75%, while a couple preferred a 25bps cut, citing restrictive policy and labour market risks; some judged rates should be held steady for some time
A senior American official told Axios that the round of talks with Iran in Geneva was “a hamburger stuffed with nothing.” and is one of the reasons why Trump is close to making a decision on the issue of going to war with Iran, according to Axios’ Ravid
Global-View Market Update
- Risk on day but markets having trouble which geopolitical headline (specifically US-Iran) to react
- US500 tests 6900 and NAS100 tests 25000, both pivotal in setting the respective trading tones going forward
USD trading firmer
- USDJPY break of a 5-day pattern around 153 proving to be a strong signal for a move higher… 154.65 blocks a return to 155
- EURUSD trading lower but with limited follow through while within 1.1800-50
- XAUUSD is back to $5000, once again pivotal going forward
- Crude oil higher but XTIUSD remains below $65
- US bond yields higher’
- BTCUSD remains trapped within 65K-70K, bulls hoping risk on can give it a lift
- FOMC minutes due at 2PM EST
Newsquawk US EQUITY OPEN: Indices extend gains after the open as traders digest latest geopols & 13-Fs
Analysis Details
OPEN: US indices initially opened within contained ranges, back have since extended higher, as earnings season continues, and amid the release of the latest quarterly 13-F filings. Sectors are mixed, with Financials and Energy sitting atop of the pile with the former buoyed by gains in WTI and Brent. The crude complex is up c. USD 2/bbl amid a plethora of geopolitical updates, and the main market mover on Wednesday being Axios reports that the Trump admin is closer to a major war with Iran than people realise. Benchmarks trade around session highs of USD 64.42/bbl and 69.70bbl, respectively. Utilities and Real Estate lag. The Dollar is in the green, with the Kiwi the notable G10 laggard in wake of the dovish RBNZ hold overnight. Treasuries are lower across the curve, with greatest losses in the short-end ahead of the 20yr auction later today. On the data footing, Durable Goods were not as weak as expected, while Housing Starts and Building Permits both topped St. consensus. Ahead, FOMC Minutes is the highlight, with weekly private inventory metrics due after-hours as well as earnings from BKNG, CVNA, DASH.
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