Even today, while most market players might be focused on the FOMC meeting, I would say that the main event on the day is the Treasury refunding announcement. I detailed more on that yesterday here. As for the rest of the week, there is still the BOE monetary policy decision tomorrow and then the US jobs report on Friday.
As non-farm payrolls is in focus, that means today will feature the ADP employment data and that itself could also be something to move the needle in markets. So, it's definitely not just about the Fed left for the second half of the week.
Adding to that mix will be the continued fallout in the Japanese yen after the BOJ take yesterday, alongside purported absence of intervention by Tokyo in October - which is rather hard to believe.
Meanwhile, the easing of fears surrounding the Israel-Hamas conflict is also in play with both gold and oil fumbling yesterday. Gold is poised for a third straight day of losses now - the first in four weeks - while WTI crude has dropped to test its 100-day moving average at $81.12 and is holding just above that for now.
