With financial markets remaining largely directionless ahead of the key policy decisions in the U.S. and Japan, there was nothing to be gained for traders. Instead, we had to bother with limited movements and false breakouts on Monday, making it an unprofitable trading day. In order to protect the trading capital from huge losses a professional day trader has to know when to adopt a low risk approach and this is precisely what we did yesterday. Consequently, we have not lost much in the mixed market environment.
The euro and British pound ended the day unchanged against the U.S. dollar, so there is nothing new to report from the technical perspective.
U.S. Housing Starts and Building Permits are scheduled for release at 12:30 UTC and this report will be the last piece of U.S. economic data before the Federal Reserve unveils its monetary policy decision.
We are still in a “wait and see” mode and will remain risk-averse ahead of tomorrow’s event.
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