FOMC meeting – Fed’s direction in 2018

Investor waits for Wednesday in USA to see the last Fed meeting report which will release at 2.00 a.m. in Thai time. U.S. dollar and gold may have the brighter direction, if the report express Fed’s plan of rising interest rate in 2018.
While London stock exchange may wait U.K. GDP fourth quarter at 16.30 p.m. which may help pound hold steady, if it reaches forecast. Euro may continue its bear because German business climate index at 16.00 p.m. predicts lower a little bit. Loonie may keep rising higher to 1.2900 supporting by breaking level 1.2625 on Tuesday. Core retail sales and retail sales in December of Canada at 20.30 p.m. also forecast mix. I think Loonie may follow the signal of FED meeting.
Oil price fell on Wednesday as the firmer greenback and U.S. oil inventories may rise up. Despite the rising U.S. output, overall oil markets remain well supported due to strong demand growth and supply restraint by OPEC. In my view, oil price may decrease, if U.S. crude oil inventories at 23.00 edges higher than 1.333 million barrel. But oil price will stay higher than 61 USD per barrel.
On 20th February 2018, the Venezuelan government launched the pre-sale of the world’s first national, oil-backed cryptocurrency “Petro (PTR).” Venezuelan president Nicolas Maduro is claiming that the country has raised $735 million in the first day sale. To buy and trade in Petro, investors need to download a digital Petro wallet, developed by the Venezuelan government.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

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