Major U.S. and European stock indexes finished the trading session lower. As was expected, the Federal Open Market Committee of the U.S. Federal Reserve decided to reduce the asset purchasing program by 10 billion dollars. Since February, the Fed will buy assets worth $ 65 billion. The decision was expected, and as a result we have not seen a significant movement of stock indexes. Fed officials stated that household spending grew "more quickly", the economy will continue to grow and unemployment will decline gradually. It was also announced that the Fed plans to continue the reduction of the quantitative easing program in the following periods.
The price of EUR/USD continues to decline gradually within the local downstream channel. Statistics on consumer confidence in Germany did not affect the mood of traders. Thus, the index increased to 8.2 in January, while the forecast was 7.8.
Among the important macro, today, we should pay attention to the growth of GDP in the 4th quarter and unemployment claims in the U.S. (13:30 GMT). At 8:55 GMT, will be released the data on change in the number of jobs in Germany.
The British pound continues to consolidate in the corridor 1,6650-1,6600. Statement of the Bank of England regarding the fact that the rates for some time will remain at the same level, did not affect the course of trading. Today, the price movement will depend on the data on mortgage lending in the country (09:30 GMT).
The price of USD/JPY once again fell below 102.50. The reason of falling was a decline in the volume of asset purchases by the U.S. Federal Reserve. This step will lead to an outflow of capital from emerging markets, thatâs why we anticipate that scenario like Turkey or South Africa can be repeated in other countries.
Australian dollar continues to devalue. Monetary policy of the Reserve Bank of Australia gives its results. We maintain our negative outlook on AUD/USD. The dynamics of the Australian currency can be influenced by the statistics on main trading partner - China, where on Saturday will be published data on the index of business activity in the manufacturing sector.
Decline in equity markets warmed up the interest in gold. The price continues to move inside the rising channel and is consolidating around important level of 1265 dollars per troy ounce. Further movement will depend on the statistics on U.S. GDP growth.
Price of Light Sweet crude oil continues to move within the local upward channel. According to a report published yesterday, the oil reserves increased by 6.4 million barrels compared with an expected growth by 2.2 million. At the same time inventories of distillers has fallen by 4.5 million barrels while the forecast was - the decline by 2.2 million. We remain long-term negative forecast for oil prices.