![](https://decodecapital.com.au/wp-content/uploads/2022/02/Mikyo-2-6.png)
Themes
- General mood is “risk off”
- U.S. data on the weaker side overnight
- All eyes on tonight’s U.S. FOMC rate decision
What’s Moving
Overnight trade was relatively quiet ahead of tonight’s much awaited U.S. FOMC rate decision, with the market taking largely weaker U.S. data (PPI and Empire State Manufacturing Index) in its stride. At the end of the day, the Dollar had again extended gains slightly against the Yen and the Swiss Franc. U.S. equities finished firmer on the day after recent weakness.
For tonight, the FOMC is expected to raise U.S. rates by 25bps. This move has largely been flagged by multiple hawkish FOMC speakers over the last couple of weeks. The market will be severely disappointed if the Fed doesn’t hike U.S. rates.
Thoughts
Expect very little locally ahead of the FOMC meeting tonight. There is some second tier data out today, but its not expected to have too much of an impact on dealings.
Asian session data today sees:
- Japanese Trade (E:
- Japanese Revised Industrial Production (E: