Thursday Market Recap
The Federal Reserve didn’t surprise the market yesterday evening, as it left its benchmark rate unchanged, although the central bank called the current weakness in economic numbers “transitory’ causing a brief rally in the Dollar and a dip in stocks. Rate hike odds for the next meeting are now above 90%, as Janet Yellen Co. are expected to raise rates two more times this year. The major global indices are up today despite yesterday’s weakness, as European stocks are boosted by the conclusion of the French presidential debate, with Macron still being an overwhelming favorite before Sunday’s run-off. US Stocks are also slightly higher, despite Facebook’s disappointing earnings report, although the SP 500 and the DOW are still lagging the global leaders.
Forex trends haven’t changed drastically since the Fed decision, as the weakness in the Yen, the Dollar, and most prominently commodity-related currencies remain weak. The US Dollar is trading near the 1.09 level compared to the Euro, despite the slightly better economic releases this week, such as the ISM Non-Manufacturing PMI and today’s new Jobless Claims number. Industrial metals and crude oil are falling alarmingly, as the weakness in China continues to weigh heavily on
Read more ... source: CryptoCoinsNews
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