Today’s fundamental on the economical calendar is dominated by the FOMC interest rate decision and accompanying statement which is due out at 19.15 GMT.  Before this momentous event we have a number of other interesting news items which began earlier this morning with the French CPI data which came in at the forecast of -0.4%.  This was followed by worse than expected news for Europe’s Industrial Production figures which came in at -0.6% against a forecast of +0.3% – not good news for the Eurozone.  However, this indicator tends to have a relatively mild impact on the currency markets as Germany and France release their data separately, as they account for approximately 50% of the total Eurozone economy.  The other significant item of news in the US ahead of the FED statement will be the Trade Balance Figures which are forecast at -28.4bn versus a previous of -26bn with the deficit probably widening yet again as a result of the recent rise in crude oil prices.  Later in the session we have the crude oil inventories, details of which I have covered in the my specialist oil blog.

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