With all eyes on the Fed, today was always going to be a quiet session. Volumes are low across the board with EU indices trading -10% below their 10d AVAT. Equities have been trading pretty mixed since the open but it is definitely encouraging to see some positive momentum building up in the region. We saw the Swiss MI making a 6 month closing high yesterday and the OMX made a 6m high. Today we are watching the CAC as any break above 5117 (200 dma) would be helpful, 5045 last.
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