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Forex & Equities: Markets Await FOMC; Charts & Session Ranges

Posted by Akhilesh Ganti on Jun 17, 2014 10:49:00 PM

New Zealand's Current Account balance for the first quarter recorded its largest ever surplus as agricultural commodity exports surged. The NZD +1.41 Billion surplus exceeded analyst estimates of NZD +1.39 Billion and was a dramatic turnaround from last quarter's NZD -1.51 Billion deficit.

Japan's Trade Balance came out at YEN -0.86 Trillion which was higher than the YEN -1.01 Trillion that the market was expecting. BOJ minutes revealed that the board is content to leave the monetary stimulus at its current levels even though they expect consumer demand to wane due to the sales tax increase. Rather, they are banking on an increase in business investment to drive future economic growth.

FOMC announcement is due out a bit later in the US session and most economists expect the FED to continue the $10 Billion a month tapering process bringing the total asset purchases to $35 Billion per month. They also expect a reduction in growth forecasts and a lowering of unemployment projections while they maintain the status quo with regards to forward guidance.

Ranges:{WWM's New ALPHA Trader - DAILY charts [EUR, GBP, AUD, YEN, GOLD, OIL, DXY]}(click to enlarge)

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Equities:{WWM's New ALPHA Trader - DAILY charts [Dow30, SP500, Nasdaq100, Nikkei225, China, HKG40, Nifty50, ASX200]}(click to enlarge)

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