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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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