USDJPY awaits BoJ policy signal
The Swiss franc softens as low inflation may prompt the SNB to reconsider rate hikes. Inflation has held steady below the bank’s target, raising speculations that it could conclude its monetary tightening soon. Traders widely anticipate the SNB to lift interest rates from 1.75% to 2% at its upcoming policy meeting. However, the forward guidance will most likely be under the spotlight. Chairman Thomas Jordan may not be content with what could be a temporary slowdown in price growth, especially given the volatile nature of energy prices going into the winter. The pair is testing 0.9000 with 0.8760 as the first support.
NAS 100 steadies as Fed pause in focus
Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. He went on to work as a senior analyst within the FX industry where he developed and refined his own trading and risk management strategies. Having a solid understanding of market dynamics, he founded his own research and asset management services and works with Orbex to provide timely market commentary on the global financial markets.
The Nasdaq edges higher in the hope that the Fed will push the pause button in its rate hike cycle. Recent US inflation showed that core components have stayed on a downward trajectory. The market is riding the optimism that data are strong enough to prevent a recession, but not too hot to trigger extra tightening steps from the central bank, reinforcing the belief that a soft landing is in the making. If the Fed holds its rates unchanged this month and strikes a dovish outlook for its November meeting, risk appetite could go through the roof, carrying the growth-focused index beyond 16000. 14700 is the closest support.
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