Ashraf Laidi - Intraday Market Thoughts. A third consecutive cut from the Federal Reserve is imminent this evening, but the market reaction will hinge on signals about what's coming next, especially Powell's press conference (more below). Due to the temporary time difference, the Fed decision is at 18:00 London, 19:00 central European time. All currencies are up against the US dollar, led by CHF and GBP, with the JPY the weakest. US advanced Q3 GDP grew 1.9%, beating the exp 1.6%, but still below Q2's 2.0%. US October ADP report on private sector jobs showed a 125K rise vs the exp 110K with the slowdown concentrated in manufacturing. USD ignored both reports. The Sept figure was revised down to 93K from 135K. Fed day is finally here and along with month-end it will surely unleash some pent-up volatility. The intrigue lies beyond Wednesday. At the same time, the Fed is loathe to remove optionality and will preserve the option of easing further if trade or the economy deteriorates.
Yes, sure.
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