Global stocks aren’t too happy about things this morning, and that includes U.S. stock futures as investors still come to grips with the notion that OPEC really is just going to stand by and watch crude prices keep tanking. There isn’t any big data to distract us today and the Fed meeting is still a week away, so there may be nothing to watch but oil.
With each coming day, the Federal Reserve raising "rates" from 0.25% to 0.50% on December 16th seems more and more probable. But those with billions of dollars on the line typically don't like to make big bets on what seems likely. No, hedge funds, prop traders, and banks depending on the cost of money try for a bit more certainty.
On Monday, China's central bank reported $3.4 trillion in foreign exchange reserves, the lowest level since early 2013. November was one of the biggest drops ever.
Next Trading Day's Important Events
- USDJPY: 122.88
- EURUSD: 1.0883
- S&P 500: 2,077.07
- NASDAQ : 5101.8