The USD moved higher in trading today as the market prepares for the Fed decision on Wednesday. The BOE and ECB will also meet this week (decisions are on Thursday).
The Fed is expected to raise rates by 25 basis points when the decision is released on Wednesday at 2 PM ET. That would take the ceiling rate to 4.75% from 4.5% currently. The Fed officials have been lobbying for a terminal rate 5% to 5.25%. Fed’s Bullard, not a voting member, has lobbied for getting to the terminal rate faster, but most Fed officials before the start of the blackout period, have felt 25 basis points was appropriate.
The BOE and the ECB are expected to increase by 50 bps each. The ECB rise would take the rate to 3% from 2.5%. The Bank of England move would see the target go from 3.5% to 4.0%
Also this week is the US employment report which will be released on Friday with expectations of 190K vs 223K last month. Big week for central banks and data. Oh… the likes of Amazon, Apple, Alphabet, Merck, Bristol Myers Squibb, Ford, GM, Starbucks and Meta are all announcing earnings as well. Buckle up traders.
Looking at the strongest to the weakest today, the USD was the strongest, while the AUD is the weakest. The AUDUSD moved the most, falling by 0.61% as the pair reacted to some risk off sentiment and declines in commodities. Gold fell around $5 on the day. Crude oil was down about $2 on the day.
Ths strongest to the weakest of the major currencies
IN the US stock market, the week got off to a negative start with all the major indices moving to the downside:
Dow industrial average fell -0.77%
S&P index fell -1.30%
Nasdaq index fell -1.96%
Russell 2000 fell -1.35%
In the US debt market, yields moved higher to start the week”
2 year 4.234%, +3.1 bps
5 year 3.662%, +4.8 bps
10 year 3.542%, +3.2 bps
30 year 3.652% +3.0 bps
In other markets:
Spot gold fell -$4.60 or -0.24% to $1922.70
SPot silver rose $0.02 or 0.09% at $23.59
Crude oil
Crude Oil
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk, Read this Term fell -$1.93 or -2.42% at $77.75
Bitcoin
Bitcoin
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n
Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term closed lower at $22746 on the day
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