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Stocks, dollar hesitate ahead of FOMC meeting outcome

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Home » Stocks, dollar hesitate ahead of FOMC meeting outcome

Stocks, dollar hesitate ahead of FOMC meeting outcome

by Stephen Soo
June 16, 2021 05:31
in Fundamental analysis
0
Stocks, dollar hesitate ahead of FOMC meeting outcome


US producer prices were 6.6% higher in May, the highest since 2010

Wall Street stocks edged lower overnight as the Federal Reserve began a two-day meeting, making investors cautious. Also, the data showed that US producer prices were 6.6% higher in May than a year earlier, the highest since 2010, adding to signs that inflation is running higher in the country. As such, the S&P 500 dipped 0.2%, the Dow Jones Industrial Average lost 0.27%, and the Nasdaq Composite fell 0.71%.

Today in Asia, equities were mixed-to-lower in quiet trading. On the data front, Japan’s trade surplus jumped 49.6% in May, pointing to a slow recovery in exports. In China, retail sales rose 12.4% in May, missing expectations once again. Industrial production rose 8.8% from a year ago, less than the 9% growth forecast. As such, China’s Shanghai Composite shed over 1%, Japan’s Nikkei 225 lost 0.51%, Hang Seng in Hong Kong gave up 0.70%, while Australia’s S&P/ASX 200 finished just marginally higher.

European stocks opened marginally higher on Wednesday before turning mixed in recent trading, with the main equity index holding off record highs amid a cautious tone among investors. The pan-European STOXX 600 was up 0.2% in early trade, with industrial and financial stocks rising 0.5% each.

Meanwhile, the dollar looks mixed, hesitating in tight trading ranges ahead of the outcome of the Federal Reserve meeting due later today. If the central bank expresses a more hawkish tone on the outlook for its monetary policy, the greenback could get a lift across the board, sending the euro back under the 1.2100 figure. Yesterday, EURUSD failed to challenge the 1.2150 intermediate resistance and has been directionless since then. A break below 1.2100 would pave the way towards 1.2060. However, the downside potential should be limited.

Tags: DOW JONESEURUSDFederal ReserveFOMCHang SengNasdaqNikkeiS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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