Spreadex Market Update
It’s the calm before the storm with indices trading up
It’s the calm before the storm with indices trading up during early afternoon as investors await the inevitable volatility that the Federal Reserve meeting will bring to the markets this evening. All eyes will be on Ben Bernanke to see whether he sends markets into turmoil in his final act as chairman to the Federal Reserve that will sure be a move to remember him from. Investors will be watching the EUR/USD closely during the statement at 1900GMT as it is thought this will act as a catalyst for the direction of the pair.
A 20-year high on Germany IFO business climate figures, alongside positive ZEW number that were released yesterday has resulted in the Dax trading over 70 pips up early Wednesday afternoon which follows on from a particular bullish run recently.
British supermarkets are trailing this afternoon, something you wouldn’t expect to see during the festive period and is a worrying sign. Marks & Spencer, Sainsbury’s and Tesco are all trailing the FTSE 100 during afternoon trading.
The question on all investors’ minds is soon to be answered, will they or won’t they taper? Regardless of the decision, it is sure going to be a bumpy ride.
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