FOMC and key data out today in US – Danske Bank

FXStreet (Edinburgh) - The FOMC and other relevant releases will keep investors entertained in the US session, according to Anders Fischer, Analyst at Danske Bank.

Key Quotes

“Main event will be the FOMC statement tonight (no press conference or new projections at this meeting)”.

“We expect a slightly more positive tone on the labour market in line with Fed chairman Janet Yellen's recent comments at her semi-annual testimony to Congress”.

“FOMC may also make the inflation language a bit less dovish as inflation has turned higher over the past three to four months”.

“Before the Fed meeting a number of interesting releases are due. At 14:30 CET US GDP data for Q2 are expected to show growth of around 3% in Q2 following the big decline in Q1. It will leave the first half at a very low level. However, forward looking indicators point to growth in H2 of 3-3.5%and job growth has picked up , so the Fed is likely to feel confident about the outlook”.

“The US also releases ADP employment this afternoon expected to show a job gain of 225K in July”.