Markets in Holding Pattern Ahead of Fed

Markets were largely range-bound as investors enter a week packed with crucial central bank meetings, economic data releases, a national election in Europe and potentially the formal start of Brexit. Stocks fluctuated with the dollar, while Treasuries slipped.

The S&P 500 Index fluctuated about 1 percent below an all-time high, and European equities rose amid a rally in mining shares after they ended last week at the lowest in two months. The yield on 10-year Treasury notes rose one basis point to 2.58 percent. The euro pared gains as concern that the European Central Bank could raise rates before ending its bond-buying program eased. Oil slipped but held above $48 a barrel in New York.

Global equities are trading near a record high as indications of firming growth in the U.S. and Europe coincide with China’s economy showing signs of improvement. U.S. jobs data at the end of last week cleared the way for the Fed to raise interest rates without forcing it to accelerate the pace for future tightening.

Bloomberg

GBP Volatile as Surgeon Calls Scexit Referendum

Week Ahead All Eyes on Fed

NFP

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.