We are likely set for a more pensive trading session in Europe today, as markets are all awaiting for the FOMC meeting statement and decision later. The Fed is expected to keep interest rates unchanged but there will be a lot to scrutinise, from the dot plots and economic projections to Fed chair Powell’s press conference.
As such, traders will not have much appetite to pre-commit to any moves in the meantime. Looking to European trading, UK monthly GDP is the notable release on the session. The October figure is estimated to show flattish growth as services output remains absent in the UK economy to start Q4.
Besides that, there isn’t much of anything else that should impact broader market sentiment as all eyes are on the Fed.
0700 GMT – UK October monthly GDP figures
1000 GMT – Eurozone October industrial production
1200 GMT – US MBA mortgage applications w.e. 8 December
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.