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Today's trading was fairly calm as markets awaited FED's decisions tomorrow, the FOMC meeting started today to discuss continuing tightening of monetary policy as well as the continued calm in the North Korean crisis that eased demand for safe havens.
Gold and Silver declined last week after three weeks of consecutive gains, posting new highs of this year, despite the fact that the estimates for both metals has been bearish at the beginning of this year.
The start of the week's trading was fairly calm, but it saw some notable movements in the US dollar as well as US stocks, which recorded their highest levels historically as market fears about North Korea firing a new missile faded and the focus shifted to the Fed meeting on Wednesday evening.
After a week full of economic releases, geopolitical tensions and high volatility, another week comes in with many key economic releases and events, which likely to have a notable impact on the markets.
The first trading day of the week is very calm, as Japanese banks were closed in observance of Respect-for-the-Aged Day. In addition, there were no significant economic releases in Europe. Furthermore, no significant economic figures will be released during the US session today.
The new week will see many important economic data and events that will have an impact on market movements in the coming period, most notably the FOMC meeting, the Bank of Japan meeting, and some central bankers' speech.
The dollar erased its weekly gains and after reaching highest level in the week at 92.64, driven by positive inflation data, which pushed expectations for a rate hike to 50% in December for the first time since July, as well as reports that the details of the tax reform plan will be announce soon, but in the last two days of the week fell strongly to its weekly low of 91.34.
The US Dollar failed to rally yesterday, despite the fact that the inflation data came in higher than expected. This shows how much USD bears are still in control, since inflation failed to push the US Dollar higher, retail sales data is unlikely to succeed in pushing it higher once again.
The three major indexes of US stocks fell today, from their highest levels in yesterday's closing, following positive inflation data that boosted the chances of a rate hike soon. The consumer price index rose more-than-expected in August, the biggest reading in seven months, by 1.9 % on yearly basis.
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