WSE: Before opening

Yesterday's FOMC Statement and Janet Yellen conference seem to be without significance. Both the publication of the communicate and opinions of Ms. Yellen did not cause serious reactions on equity markets. US Federal Reserve merely confirmed what the markets have been known long before, in the present context there is simply no place for a quick increase in interest rates, and monetary policy depends on macroeconomic data, which forces the Fed to postpone increases until the data will allow to raise the price of loans. At the end of trading the S&P500 went from the region of 2,080 pts. in the region of 2,070 pts., which means decline by 0.18 percent. Both the scale of changes, and the lack of strong movements in key trading hours indicate that the market was not surprised at any point.

Currently the contract for the S&P500 is traded in the red, which may mean a return to the scenario of declines that have taken place during the previous session. That is why Europe should start the day with slight withdrawal. In the following hours investor's attention will attract Brexit issue again, which becomes the main theme of the market till 23 of June.

From the perspective of the Warsaw market, yesterday's FOMC Statement can be considered as positive for emerging markets and indirectly for the WSE and the Polish zloty. Unfortunately, Brexit generates risk aversion, and such events are always manifested by supply on markets like Warsaw. Yesterday the defense by the WIG20 the 1,750 points level allows us to look with optimism in the coming days, although it may not be forgotten that approaching the third Friday of the month and the day of settlement of contracts on the WIG20. In short, to the volatility of the markets generated by Brexit and reactions to the Fed statement should be also added the volatility, which will appear tomorrow in the final hour of the session. The whole is not conducive to long-term scenario plotting and today the market should focus on reproducing movements of the underlying markets.