Forex Daily Analysis - Tuesday, Sep 18th

FOMC Rate Decision Tonight

The market is pricing-in a 25 bps. rate cut. Some argue for a 50 bps. cut. The best outcome would in our opinion be 25 bps., but the USD might still sell off.

Overnight News Bullets

* GE Wholesale Prices MoM (Aug) out at 0.1%. Prior -0.4%.
* NO Trade Balance (Aug) out at 26.8B vs. 26.0B expected. Prior 26.1B.
* NO Exports (Aug) out at 64.2B. Prior 61.1B.
* NO Imports (Aug) out at 37.5B. Prior 35.0B.
* E-Z Euro-Zone (July) Trade Balance out at 4.6B vs. 7.0B expected. Prior 7.8B
* E-Z Euro-Zone (July) Trade Balance sa out at -0.6B vs. 4.0B expected. Prior 4.4B (revised from 5.2B)
* PO Avg Gross Wages (August, MoM/YoY) out at -0.3%/10.5%/ vs -1.2%/9.7% expected. Prior 0.8%/9.3%.
* PO Employment (August, MoM/YoY) out at 0.4%/4.8% vs. 0.3%/4.7% expected. Prior 0.3%/4.7%.
* US (Sep) Empire Manufacturing out at 14.7 vs. 18.0 expected. Prior at 25.1.
* CA (July) International Securities Transactions out at C$1.502 vs -C$1.500 expected. Prior -C$4.330 (revised from -C$4.521).
* JN Tertiary Industry Index MoM (July) out at -0.5% vs -0.5% expected. Prior 0.1%.

O/N Data Heat map:

EU	US	JP	UK	SZ	AU	CA	NZ	NO	SE	FR
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