Federal Reserve announces a 50 bps rate hike
EUR/USD 🔼
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔽
WTI 🔼
Early this morning, the Federal Reserve increased interest rates by 50 basis points to 4.50%, meeting market estimates. Later tonight, Mitrade expects the Bank of England and the European Central Bank to follow suit with a 50 bps rate hike.
Although Fed Chair Powell claimed rate hikes will continue until meeting the 2% inflation target, the US dollar extended its weak run. EUR/USD added more than 50 pips to 1.0682, and AUD/USD traded higher at 0.6863. The UK year-on-year inflation rate eased to 10.7%, against the projected 10.9%. USD/CAD had negligible losses, closing at 135.47, while USD/JPY slid to 135.47.
The stock market closed with modest losses. The Dow Jones Industrial Average came in 142 points lower (-0.42%) at 33,966, the S&P 500 fell 24 points (-0.61%) at 3,995, and the Nasdaq 100 decreased 93 points (-0.79%) to 11,740.
Spot gold price closed lower at $1,807.37 an ounce, and just plunged to $1,793.93. US crude oil inventories moved against market projections by adding 10.2 million barrels. WTI oil futures increased to $77.28 a barrel. Bitcoin first soared to a month-high of 18,343.45, then plunged to 17,669.0.
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔽
WTI 🔼
Early this morning, the Federal Reserve increased interest rates by 50 basis points to 4.50%, meeting market estimates. Later tonight, Mitrade expects the Bank of England and the European Central Bank to follow suit with a 50 bps rate hike.
Although Fed Chair Powell claimed rate hikes will continue until meeting the 2% inflation target, the US dollar extended its weak run. EUR/USD added more than 50 pips to 1.0682, and AUD/USD traded higher at 0.6863. The UK year-on-year inflation rate eased to 10.7%, against the projected 10.9%. USD/CAD had negligible losses, closing at 135.47, while USD/JPY slid to 135.47.
The stock market closed with modest losses. The Dow Jones Industrial Average came in 142 points lower (-0.42%) at 33,966, the S&P 500 fell 24 points (-0.61%) at 3,995, and the Nasdaq 100 decreased 93 points (-0.79%) to 11,740.
Spot gold price closed lower at $1,807.37 an ounce, and just plunged to $1,793.93. US crude oil inventories moved against market projections by adding 10.2 million barrels. WTI oil futures increased to $77.28 a barrel. Bitcoin first soared to a month-high of 18,343.45, then plunged to 17,669.0.
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