Fed’s Rate Pause and UK Inflation Slows

Fed’s Rate Pause and UK Inflation Slows

Hello everyone! Welcome to Wednesday! Let's look at the market updates for the middle of the week.

  • Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%. At the same time, there's still room for a rate hike in November. The focus will be on the so-called dot plot, where the Fed officials will place their forecasts for interest rates. Meanwhile, the US Dollar index has reached the lower border of the ascending channel on H4, meaning it can bounce back to the upside.
  • The inflation in the UK came out lower than expected (6.7% vs. 7%). The reason lies in the easing of food prices. This could lead the Bank of England to reconsider the path of interest rate hikes and even take a pause. GBPUSD plunged 0.44% following the release but managed to recover.
  • According to the OECD, Germany faces the only contraction in any Group of 20 economies aside from Argentina this year, which cut its outlook through 2024.
  • Elon Musk wants to make X accessible through subscription. The X owner said that the paywall may help eliminate the bots that have been the biggest problem for Musk for the last year.
  • According to the RxR research, Ethereum trades 27% below its fair value.
  • According to Citigroup, geopolitical tensions may temporarily push oil prices above $100. However, the additional supply from non-OPEC countries may hold a further upside for these instruments.

USDJPY technical analysis

USDJPY is trading within the ascending wedge. If it breaks below the 147.60 level, we may see a further downside to the support levels at 147 and 146.20. On the upside, a strong resistance lies at 148.




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