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Waiting For the Fed

Waiting For the Fed

It looks like we’re going to be playing a bit of a waiting game today as there is no significant data out until later on this evening when the Fed’s minutes from their September meeting are released. We have some mortgage applications data in the meantime but nothing from the Eurozone to keep us interested. This is seen as being the start of Earnings Season in the US so we should see the markets take a real interest in what is happening.

How much the Fed says is debatable but it is expected that the minutes will give a clue about the likelihood of the Fed removing forward guidance at its 29th October meeting. Minneapolis Federal Reserve Bank President Kocherlakota commented yesterday that rate hike is not on the horizon as falling unemployment is not a reason to do this.

The GBP has had a mixed start to the week, with GBP gaining back some ground against the USD but giving up some strength on the EUR. Overall trends, however, continued with the sentiment still putting pressure on the UK against the majors.

The IMF gave a rather gloomy outlook on the current global economy, describing the recovery as weak and uneven.

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