– HSBC flash China PMI rose to three month high
– Thai exports stronger than expected, trade balance back in surplus
– Euro area flash PMIs are the key data for the day
– FOMC unlikely to deliver fireworks
What to watch for today
USD: A tamer FOMC meeting. Today’s FOMC meeting is likely to be a tamer affair than the previous two closely watched gatherings. With Operation Twist and the latest MBS purchase program slated to continue through year end, it is probably too early to signal the Fed’s next set of policy plans. Our economists note that this meeting will likely focus on communications issues, but they are not anticipating this resulting in new forward guidance as soon as this week. On the data front, we look for an above consensus on existing home sales at 395K, up from 373K in August.
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