Market Updates at a Glance 28/7/22 (Thursday)

➤U.S. stocks jumped after Fed announced its much anticipated 0.75% rate hike to tame inflation. Fed Chair Powell suggested that the central bank could slow the pace of hikes and that added fuel to the bullish market fire. He also signalled the rate has reached neutrality, hence going forward, rates will be decided meeting by meeting and there won't be any more forward guidance.
Dow +1.37%, S&P 2.62% & Nasdaq +4.06%

➤Dollar retreated after the Fed hike, as there was speculation of a possible 100bps hike before the FOMC. The US dollar index fell to 106.47 (-0.61%) with a lower 10-year treasury yield, closing at 2.78%.

☛The Fed has already hiked its rates by a total of 225 basis points since March, which lifted the Federal funds rate (FFR) to 2.50%:
March: 25bps hike
May: 50bps hike
June: 75bps hike
July: 75bps hike

➤GBP, EUR & AUD rallied post-fomc against the greenback. GBP jumped to 1.2155(+1.04%), EUR edged up to nearly 1.02 (+0.82%) and AUD rose to 0.6994 (+0.82%). Australia’s Treasurer Jim Chalmers said that inflation is set to soar above &% in December. USDJPY is falling to 135. 33, to a three-week low as of writing.

➤Oil (Brent) ended higher at $107.10 (+2.48%), while Gold increased to $1734 (+0.98%) as the Dollar and Treasury yields retreated. US inventory dropped as crude oil exports surged to an all-time high last week.

➤Cryptocurrencies bounced after the FOMC led to a broad rally. BTC jumped 8% to $22,963, ETH surged 13% to $1633, while XRP rose to $0.3592 (+6.54%).

☛Like & follow so you won't miss any market updates ☟

https://lnkd.in/d38iHCkV
https://lnkd.in/enTgEqYB

☛Join a Telegram Group for Free market updates:
Market Updates at a Glance
https://lnkd.in/eFV9i3N3

#marketanalysis   #forexanalysis   #forexmarket   #dxy  #gold   #oil   #crossborderpayments #cryptocurrency   #btc   #equities   #xrp   #ripple   #treasury   #tranglo #fintech   #globalpayments   #blockchain   #BridgingBorders #hawkish  #fed  #usd  #equity  #equitymarkets