Markets Brace for Fed: Stocks Dip, VIX Spikes, and JPY Firms Amid Yield Shifts

Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.4220-1.4440
Euro 1.4900-1.5140
Sterling 1.8040-1.8290
WTI Oil (opening level) $70.65
The CAD is opening at 1.4326 ( 0.6980)
Key Points
· Equities: Main US indices suffer modest correction. Ugly breadth indicators as Dow Jones suffers ninth consecutive losing day,
· Volatility: VIX spikes, Fed rate decision in focus
· Currencies: JPY firms slightly on softer US treasury yields. CAD and AUD dip to new cycle lows versus USD
· Commodities: Gold drifts as focus shifts to next year’s rate outlook
· Fixed Income: US yields edged modestly lower ahead of FOMC, UK yields jump again after strong wage data.
· Macro events: FOMC Meeting and Fed Chair Powell press conference
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.3700-1.3800
Euro 1.4400-1.4500
Sterling 1.6650-1.6750
Today's expected range for the Canadian Dollar against the major currencies:
US Dollar 1.2675-1.2775
Euro 1.4500-1.4600
Sterling 1.7150-1.7250