US indices closed lower on Tuesday ahead of the FED interest rate meeting Wednesday. Shares in the Technology Hardware & Equipment (-1.56%), Semiconductors & Semiconductor Equipment (-1.16%) and Food & Staples Retailing (-1.08%) sectors were under the most pressure. The S&P 500 (3,036.89) stays above its 20d moving average (2,973.10 – positive slope) and 50d moving average (2,962.54 – positive slope).
On the economic data front, Consumer Confidence fell to 125.9, below the 128.0 estimate for October, down from a revised 126.3 in September. On Wednesday we have the Federal Open Market Committee Rate Decision. Also, economists expect MBA Mortgage Applications for the week ending October 25th, the ADP National Employment Report for October and Gross Domestic Product is expected to be lower in the third quarter advanced reading.
European markets are expected to start on a flat note.<\/p>\n\n\n\n
Foreign Exchange<\/strong><\/p>\n\n\n\n The US dollar was bearish against most of its major pairs on Tuesday, with the exception of the CAD. On the economic data front, Consumer Confidence fell to 125.9, below the 128.0 estimate for October, down from a revised 126.3 in September. On Wednesday we have the Federal Open Market Committee Rate Decision. Also, economists expect MBA Mortgage Applications for the week ending October 25th, the ADP National Employment Report for October and Gross Domestic Product is expected to be lower in the third quarter advanced reading.
The Euro was bullish against most of its major pairs with the exception of the AUD. In Europe, French consumer confidence index was flat at 104 in October, as anticipated. UK mortgage approvals increased to 65.9K in September (65K expected) from 65.7K a month earlier (revised from 65.5K). Separately, according to Nationwide, UK house prices increased by 0.2% in October after a 0.2% slid a month earlier. They were anticipated to be flat.
The Australian dollar was bullish against all of its major pairs.<\/p>\n\n\n\n