Background Yesterday's indecisive neutral bias proved correct as for the second day in a row, prices were contained within Friday's parameters. But crucially, yesterday's higher lows were firmly rejected and the market closed near the top of modest net gains on the day. This price action does not create strong signals for sentiment but although…

Background The main event on the calendar today is the US Federal Reserve Open Market Committee’s monetary policy review meeting. There is only a 5% chance of any movement in the policy rate so attention will focus on the short post-meeting statement. Little change to the previous outlook is expected, although, on balance, the data…