At-a-Glance
Today’s Top Highlights
Equity markets were able to finish the day higher, inching toward all time high levels ahead of the Fed decision tomorrow, which looks to be a pause with interest rates. While this is expected, traders will be listening into what Powell says about the recent economic data releases regarding futures interest rate decisions. Along with that, many precious metals markets traded lower such as Silver, Copper, and the leader Platinum which traded lower by near 8.5%. The main piece of data released today was the consumer confidence report which was the lowest number seen since May of 2014, even lower than peak pandemic levels.
When a report hits a significant low like we saw today with consumer confidence, it can be useful to look back at the economic landscape during that time period. Looking at a few markets from May of 2014, the Dollar was trading at monthly lows, the equity markets were trading at new all time highs and the Euro was trading at multi year high levels. The volatility overall in the futures market was lower, and the GDP slightly ticked lower due to a polar vortex in the U.S., which all is very similar to what we are seeing right now in the markets. This does not mean that the market will react the same way it did moving forward, but it helps understand the sentiment from a traders perspective.
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