Eyes On Fed Rate Decision, Falling Sales Of Apartment Buildings
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The eyes of the world are focused on the decisions of The Federal Reserve System. In addition, there will be a weekly crude oil report and home sales results. Information from Great Britain and Europe will also appear today.
Meeting and speech in Europe
The European Central Bank Non-monetary Policy Meeting took place at 9:00 CET. Such a meeting takes place once a month. A report based on decisions taken is published after the meeting. The European Central Bank regulates financial environment in the eurozone.
Luis de Guindos, Vice-President of the European Central Bank will have a speech at the same time.
U.S. Existing Home Sales
The annualized number of existing residential buildings that were sold during the previous month continues in its downward trend. Although in February sales increased to the level of 6.49M, it fell in the following months. This situation was influenced by the geopolitical situation in the world, which also led to an acceleration of inflation growth. Real estate prices are also good, so I am willing to buy them. The latest reading shows that sales were below 5.0M. The reading showed the level of 4.81M. It is also expected to decline in August with the forecast level of 4.70M. Official data will be published at 16:00 CET.
Source: investing.com
Crude Oil
The weekly reading change in the number of barrels of commercial crude oil held by US firms will be published at 16:30 CET. Last week's reading was negative. It reached a level higher than forecast (0.833M). The number of barrels of commercial crude oil held by US firms last week was at 2.442M, it is expected to drop to 2.161M this week. If the rise in oil stocks is greater than expected, it means weaker demand and a fall in oil prices. The same can be said if the decline in inventories is less than expected.
Source: investing.com
Fed rate hike
The most important information on the market will be released at 20:00 CET. The Fed will announce an increase in interest rates. Experts expect the reference rate to reach 3.25% this month. There are voices that after the recent weak macroeconomic results, the Fed will take more drastic steps and raise it by 1%.
Read more on the Fed's decision: This Will Be The Highest Rate Level In Five Years| FXMAG.COM
Half an hour after the announcement of the decision, there will be a press conference.
Great Britain And Data
Britain after the death of Queen Elizabeth II slowed down the pace of data publication. Today at 8:00 CET data was published about the difference in value between spending and income for public corporations, the central government, and local governments during the previous month. Public Sector Net Borrowing increased from 4.18B to 11.06B. It was expected to only rise to 8.20B.
The next data from the island will be published at 12:00. The Confederation of British Industry (CBI) Industrial Trends Orders is an indicator that measures the economic expectations of UK manufacturing executives. It is a leading indicator of business conditions. The last reading was below zero, at -7. It is expected to hit -11 this time. This means that fewer orders are expected. Since May, the indicator has been declining, with readings below zero negatively affecting GBP.
Source: investing.com
Summary
- 8:00 CET Public Sector Net Borrowing (Aug)
- 9:00 CET European Central Bank Non-monetary Policy Meeting
- 9:00 CET ECB's De Guindos Speaks
- 12:00 CET CBI Industrial Trends Orders (Sep)
- 16:00 CET Existing Home Sales (Aug)
- 16:30 CET Crude Oil Inventories
- 20:00 CET Fed Interest Rate Decision
- 20:30 CET FOMC Press Conference
Source: Economic Calendar - Investing.com
