European shares slipped on Tuesday as investors awaited the first U.S. presidential debate and eyed progress of a fiscal stimulus package in Washington
Risk On Remains Intact Ahead of FOMC
2020-09-16 • Updated
Midday Market View
The Federal Reserve are facing a tricky situation. The US election is approaching which should result in the Fed staying put. The recent sell off in tech stocks is unlikely to be a concern just now, so cannot see the Fed stepping into back that up. A surprise build in inventories, shutdowns in the Gulf of Mexico, and dollar weakness are all helping US oil higher.
Midday Key Point
- EU Commission head supports that is not the time to withdraw fiscal support
- EURUSD holds an ascending trend line ahead of FOMC
USD/JPY has been rising for almost a week except for Monday, but the strong resistance of the 50-day moving average at 105.80 may stop it from moving higher.
BoA released the report with the bullish forecast for the S&P 500 and shared its technical analysis. Let's discuss it in detail.
EUR/USD has violated the first resistance trendline area 1.1680