As expected Wednesday’s session ha really small range. All day the range on DAX was only 100 pts and European indices were not consistent. German DAX +0.50%, French CAC40 -0.22%, English FTSE100 +0.58%. The most was happening after close of session in Europe. FOMC decision was not a surprise and interest rates area unchanged.
Although FED conference was really positive for the markets. Janet Yellen sees global economic growth slowing. She also said that interest rates will stay below long term level for some time. According to dots most of FOMC members expect that interest rates will not be higher that 0.75-1.00% till the end of the year. The effect is S&P500 above 3-months high and EURUSD broke last week’s high.
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On DAX future we can see two opposite signals – bearish EURUSD strengthening and bullish gains on S&P500. As a result DAX futures stayed in last day’s range and breaking 10,000 pts didn’t happened.
