The last minute data before the FED meeting
Skerdian Meta • 1 min read
Later on, we have the FED meeting which will take all the attention but first let´s take a look at the last round of economic data from the United States. The producer inflation numbers beat the expectations by 0.1% and the core inflation numbers beat expectations by 0.2%, so it looks like higher oil prices are filtering through the economy, as we have seen in other economies. The empire state manufacturing index also beat the expectations; it was supposed to be negative at -3.4 but it came out positive at 6.
AUD/USD has been trading in a 30 pip range all day today
But the other hand the capacity utilization rate of the US economy came out 0.4% lower from last month and the industrial production declined by 0.4%. So, today´s data won´t give the FED any incentive to hike rates. If they were looking for any clues today they won´t find it here. The only thing which looks a bit brighter is the pick up in the producer inflation. Meanwhile, the price isn´t going anywhere anytime soon. The market is totally focused on the FED and has decided to stay on the sidelines at the moment.