FOMC Minutes release failed to surprise the markets

January 6, 2017

The rally of the American currency fizzles out, as FOMC Minutes release failed to surprise the markets. In the December´s speech Yellen emphasized the importance for the FED to keep pace with possible economic expansions during Trumps presidency. This has already priced in, as the absence of a new growth catalysts may be a signal that the rally is over:

Markets are turning from the overall optimism to the harsh truth of the fundamental indicators and actual shifts in the economy. Employment data this week may be the first of many reports to sober up the investors.

Forex majors
The European currency trades with minor advances while Pound managed to recover thanks to the weakness of the Dollar. The Japanese Yen and Swiss Franc trimmed down some recent declines trading with moderate gains against the US Dollar. Australian Dollar has flatlined.

Oil
Crude futures renew advances following the weakness of the American currency, as the growth remains limited with the traders exercising caution to avoid sudden shocks that might come from the countries that didn’t join OPECs accord and keep ramping up the production.

Gold
The safe heaven metal is on the growth track, as some investors return to the safety play. Bullion gained 0.73% trading at $1,173 per troy ounce.

Emerging Markets
The Russian currency breaks the 60 Rouble per Dollar level, first time since July 2015. Investors consider Rouble to be undervalued due to the Oil gains and high investment appeals, as the Russian Central Bank still keeps interest rates high, allowing investors to exercise carry trading.

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