Fed Statement Later Today has Traders in Waiting…Again

The metals continued trading in a tight range during the overnight Asian and European sessions. Again today traders are virtually immobilized as they wait for today’s Fed interest rate announcement along with the accompanying statement before committing. What will the Fed say regarding their perception of the economy? This is what has traders in most markets anxious. We will know at 2:15 pm eastern today.

Currently we find Silver changing hands at $14.20 off 11 cents. Gold is $3.00 lower at $943.00. Palladium remains unchanged at $275.00. Platinum is $1235.00 off $9.00.

Forex

In the currency markets it’s the same thing with the Euro treading water at $1.4163 up 3/100ths of cent versus our Dollar. Crude Oil is also flat with traders waiting for today’s Weekly Oil Inventories along with the Fed announcement. The latest estimate calls for Oil supplies to show rise of 1.2 million barrels.

In stock trading the Dow ended Tuesday with a decline of 96 Dow points as traders made a final hour scamper to the sidelines in advance of today’s pearls of wisdom from the Fed.

Today’s calendar also contains the latest look at our Balance of Trade. The weakening Dollar continues to cut the disparity between our exports and imports. The weaker Dollar makes our products for export cheaper to buy. Look for imports to still exceed exports by $28.6 billion. The expected deficit is a shade higher than last month’s $26 billion.

In domestic matters; President Obama continues to push for his health care reform bill. On the geo-political front U.S missiles struck a suspected Taliban camp in Pakistan killing 14 militants. In Kuwait an al Qaeda linked group was arrested for planning an attack on a U.S military base there.

Today’s economic calendar:

U.S. Trade Balance
U.K. Employment

Tomorrow’s:

U.S. Initial Claims
U.S. Retail Sales
U.S. Import Prices
U.S. Business Inventories