Risk On Remains Intact Ahead of FOMC

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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

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