Daily Market Report
Market participants are expecting the FED’s latest meeting minutes scheduled later today to provide further guidance about the interest rates future path. It is important to note that Jerome Powell said that the FED is ready to stick to tighter monetary policy by raising interest rates further if inflation remains high in the coming months. Moreover, factory orders are expected to have risen from 0.4% to 0.7%. Meanwhile, in Europe, the manufacturing sector will be on the watch as several PMI figures will be released from France, Spain, Italy, and the UK.
In addition, Oil traders will keep an eye on the OPEC meeting as more production cuts are expected which can impact the short-term price action of Oil.
In the futures market, all three major indexes fell on low liquidity as Wall Street is set to resume trading today, likewise, the Asian market declined after the release of private surveys on services activity in both Japan and China that showed a slowdown in the pace of economic growth.