1. U.S. Fed meeting looms; rates seen on hold.
2. Bank of Japan rate decision, policy review also due Wednesday.
3. Oil rallies on chatter of output freeze deal, Libya fighting.
4. Global stocks push higher with oil, central banks in focus.
5. Dollar slips ahead of Fed, BOJ meetings.
1. Fed meeting looms
The Fed is not expected to take action on interest rates at the conclusion of its two-day policy meeting at 2:00PM ET (18:00GMT) on Wednesday. Fed Chair Janet Yellen is to hold what will be a closely-watched press conference 30 minutes after the release of the Fed’s statement, as investors look for any change in tone about the economy or future rate hikes.The central bank will also release its latest forecasts for economic growth and interest rates.Markets are currently pricing in just a 15% chance of a rate hike this week, according to Investing.com’s Fed Rate Monitor Tool. For December, odds stood at around 54%.
2. All eyes on Bank of Japan
The Bank of Japan’s latest rate decision is due during Asian hours on Wednesday. The BOJ will publish its monetary policy statement, where it will present a comprehensive assessment of its policies.Central bank Governor Haruhiko Kuroda will hold a press conference afterward to discuss the decision.Speculation points to a possible interest rate cut deeper into negative territory, tweaks to its asset-purchase program or new rules on the duration of securities it will purchase in the bond market.The BOJ has already implemented negative interest rates and is printing 80 trillion yen ($750 billion) a year to stimulate inflation after decades of deflation and stagnant growth, yet inflationary expectations appear to be weakening.
3. Oil rallies on chatter of output freeze deal, Libya fighting
Oil prices rose sharply on Monday, as traders continued to monitor developments before the informal meeting of major oil producing countries later this month.Venezuelan President Nicolas Maduro said on Sunday that OPEC and non-OPEC countries were “close” to reaching a deal to stabilize oil markets and that he aimed for a deal to be announced this month.Reports of fighting around Libyan oil ports further supported gains. Eastern Libyan forces said they had re-established control over two ports where an ousted faction launched a counterattack on Sunday, briefly seizing one terminal.Brent was up 55 cents, or 1.2%, to $46.32 a barrel during morning hours in New York, while U.S. crude tacked on 60 cents, or 1.4%, to $44.22.
4. Global stocks push higher with oil, central banks in focus
U.S. stock index futures pointed to a higher open on Monday morning, as a rally in oil prices boosted sentiment ahead of key central bank meetings later this week.Meanwhile, European and U.K. stocks rose more than 1% in mid-morning trade, as investors cheered a rally in oil markets and awaited the start of the Federal Reserve’s policy meeting this week.Earlier, Asian shares ended mostly higher in holiday-thinned trade, as investors remained cautious before the Federal Reserve and the Bank of Japan policy setting meetings this week. Markets in Japan were closed for a public holiday.
5. Dollar slips ahead of Fed, BOJ meetings
The dollar slipped lower against the other major currencies on Monday, as investors became more cautious ahead of the Federal Reserve and Bank of Japan’s highly-anticipated policy meetings this week.The dollar index, which measures the greenback’s value against a basket of six major currencies, fell 0.25% to 95.81. On Friday, it touched 96.11, its strongest level since September 1.Against the yen, the dollar fell nearly 0.4% to 101.90 after touching a session low of 101.70.The euro, meanwhile, inched up 0.15% to 1.1170.
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