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What did the Fed say? No rate increase in September! (Beige Book)

What did the Fed say? No rate increase in September! (The Beige Book)

"Modest, Moderate, Decreasing" - in such terms, the Fed's regional banks again described the state of economic growth in different regions of the US. It is in the report "Beige Book", presented by the Fed on Wednesday, September 6.

(The report of the FRS "Beige Book" always comes out exactly two weeks before the decision of the Fed on rates).

The report included assessments of the effects of Hurricane Harvey, which caused enormous damage to the states of Dallas and Atlanta. And this is a report before the hurricane completely passes.

The hurricane destroyed a large number of buildings and closed 20% of the oil production in the Gulf. Supplies of oil decreased, and oil prices rose.

Nevertheless, inflation is low, prices are rising slowly. The labor market is strong, nor is the growth in the number of new jobs reduced.

Consumer spending is on the rise, but car sales are slowing, home sales are growing well.

In general, the review of the economy is very sluggish, there is no reason for the Fed to increase the rate or pull liquidity out of the market.

All the market's attention on the ECB today, September 7th.

The decision of the ECB at 12.45 London time, the press conference of the head of the ECB Draghi at 13.30 London time.

As expected, Draghi will not announce a concrete plan for completing the "quantitative easing" program.

The market's reaction is not predictable. The market seems to want to move towards 1.2100 - but surprises in the statement of Draghi can fully turn the picture down.

We are waiting for the breakthrough of the range 1.1865-1.1950 and we stand on the break at the borders of the range, with the expectation of strong movement.

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The material has been provided by InstaForex Company - www.instaforex.com