Forex - Dollar Broadly Lower With All Eyes On Fed

World Week Ahead: Eyes squarely on Fed

On Wall Street on Monday, the Dow Jones Industrial Average closed at a record high for the fifth straight session, and the S&P 500 marked its second straight closing record high, as higher U.S. Treasury yields helped lift financial shares.

The most important event of the week for the US Dollar - and all of FX markets - comes today when the Federal Reserve meets for its September policy meeting, one of the four meetings per year that produces a new summary of economic projections (SEPs) containing the infamous 'dot plot, ' as well as a press conference from Fed Chair Janet Yellen. Forecasters expect the Fed to leave interest rates unchanged and stick to plans to raise rates in December.

Attention will be also paid to Trump's speech at the UN General Assembly on Tuesday, where leaders from all over the world will gather to discuss options on how to discourage North Korea's threatening nuclear programs.

Gold traders and analysts surveyed by Bloomberg turned bearish for the first time in 13 weeks as dollar recovers and US stocks reached record highs. This arose after the BOE Monetary Policy Committee (MPC) member, Gertjan Vlieghe, clarified that the central bank should raise rates "as early as in the coming months".

The European Central Bank is widely expected to say next month that it will begin scaling back its asset-purchase stimulus programme from January, even though a stronger euro, which dampens inflation, has complicated the outlook.

In the USA stock market, the Dow Jones Industrial Average rose 79.11 points, or 0.36 percent, to 22,347.45, the S&P 500 gained 6.5 points, or 0.26 percent, to 2,506.73 and the Nasdaq Composite added 27.47 points, or 0.43 percent, to 6,475.94.

KEEPING SCORE: The Standard & Poor's 500 index was up less than 1 point to 2,507 as of 11:39 a.m.

It rose more than 1 percent last week.

Golovkin and Canelo arrive in Las Vegas
As Golovkin struggled to maintain the energy of the bigger man, the latter claimed later that GGG is not all he's made up to be. Whether it's Canelo or Golovkin, or even Billy Joe, I would fight anyone who has got that IBF title if I'm given the shot.

"You just had that little momentum spurt after it went through 2,500 but it is kind of running out of steam and is going to bide its time until Wednesday, when they listen to (Fed chief) Janet" (Yellen), said Ken Polcari, director of the NYSE floor division at O'Neil Securities in NY. It was also up 21.2 percent since the start of the year.

THE QUOTE: "The market is basically in a holding pattern until the Fed announcement", said Quincy Krosby, chief market strategist at Prudential Financial.

Germany's DAX rose 0.3 percent to 12,549 and France's CAC 40 gained 0. The pan-European STOXX 600 index ended flat.

Talk of monetary tightening and a bounce in the dollar put gold on the defensive.

But telecoms stocks.SX7P rose as much as 0.9 percent to their highest level in almost four weeks after CNBC reported that USA wireless carriers T-Mobile US Inc (TMUS.O) and Sprint Corp (S.N) were in active merger talks. Spot gold was down 1.04 pct at $1,305.46/oz.

"With the latest missile test we really didn't see much of a market footprint at all", Todd Elmer, Citigroup's head of G10 forex strategy for Asia ex-Japan, told Bloomberg Television.

ENERGY: Benchmark U.S. crude fell 36 cents to $49.53 per barrel in electronic trading on the New York Mercantile Exchange.

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