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MW U.S. stocks set for bounce ahead of Fed, BOJ meetings
 
Wall Street was set for a higher open on Tuesday, but with stock futures trading in tight ranges as investors remained cautious ahead of two major central-bank decisions.

Market reaction to weaker-than-expected housing starts data was muted, with futures holding modest gains.

Futures for the Dow Jones Industrial Average YMZ6, +0.31% rose 59 points, or 0.3%, to 18,111, while those for the S&P 500 index ESZ6, +0.33% gained 7.7 points, or 0.4%, to 2,140. Futures for the Nasdaq-100 index NQZ6, +0.27% advanced 14.75 points, or 0.3%, to 4,808.7.

The gains come after a choppy session on Monday, when stocks SPX, +0.00% DJIA, -0.02% closed essentially flat in anticipation of the closely watched Federal Reserve and Bank of Japan monetary-policy decisions on Wednesday.

“It is difficult for the market to rally that much with all the uncertainty surrounding the Bank of Japan and Federal Reserve meetings over the next two days,” said Ian Winer, director of equity trading at Wedbush Securities.

“We are at a pivotal point when people are still counting on central banks being accommodating, but also betting on governments to pick up the baton on fiscal stimulus,” Winer said.

The Fed kicks off its two-day meeting on Tuesday and will release its rate decision at 2 p.m. Eastern Time on Wednesday. Investors are widely expecting the central bank to stand pat on monetary policy, so attention is instead turning to the BOJ, where policy surprises are seen as more likely.

Japanese policy makers have fought hard in recent years to battle low inflation, slow growth and a strong yen, lowering rates into negative and launching an aggressive asset-purchase program. However, there is an increasing sense the measures are losing their effect and not producing the expected results.

Read: How a ‘twist’ by the Bank of Japan could upstage the Fed

“The BOJ has a particularly difficult job as it appears to be limited in what it can do that will both help it achieve its inflation target, which it is currently far from doing, and appease the markets and prevent the yen appreciating once again, making its job even more difficult,” saod Craig Erlam, senior market analyst at Oanda, in a note.

The BOJ rate decision is due before the U.S. markets open on Wednesday.

The yen USDJPY, -0.12% was trading mixed against other currencies on Tuesday, with the dollar buying „ 101.85, relatively flat compared with „101.92 late Monday in New York.

The U.S. ICE Dollar Index DXY, +0.08% was up 0.1% at 95.949.

Economic news: Home builder construction stumbled in August, falling 5.8% to 1.14 million annual pace, another sign of choppy momentum for the housing market. That was 0.9% lower than a year ago.
Source