- Economic Data
- Last night, Japan Trade Balance came at -0.86T, better than the forecast of -1.01T; USD/JPY is making a tight coil – symmetrical triangle – and could break anyway, though possibility of going higher is still good.
- Also last night, New Zealand Current Account came in line at 1.41B. The Kiwi is knocking on a resistance.
- 8:30AM – Canadian Wholesale Sales m/m .2% better than forecast of 0.3%
- 8:30 AM – US Current Account was worse @ -111B than forecast of -96B. 30-Yr Bonds bouncing off the support on 1-Hr chart
- 2:00 PM – FOMC does the expected. $5B taper in agency mortgage-backed securities and $5B taper in longer-term Treasury securities. Maintains highly accommodative stance of monetary policy. 30-Yr Bonds jump to test resistance on 1-Hr chart.
- Morning Reads:
- Study Asserts Startling Numbers of Insider Trading Rogues
- A Small Increase in Inflation Squeezes U.S. Workers
- Fed could jolt markets with rate-hike views
- Boring doesn’t mean bearish in the stock market
- Bubble, Bubble, Toil and Trouble: The Costs and Benefits of Market Timing
- Treasuries Catch Overnight Bid
