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FOMC hiked rates by 25 basis points to 4.50-4.75% range. Decision was in-line with expectations
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US dollar gained after the decision while US indices dropped
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Those moves were reversed during Powell's press conference as Fed Chair did not struck a hawkish tone as expected
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USD erased all of the gains with EURUSD looking towards a 1.10 handle. Wall Street indices are trading around 1% higher after launching today's cash trading with small dip
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Energy commodities are taking a hit today. Oil drops 2% while US natural gas trades almost 8% on the day
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OPEC+ decided to leave output policy unchanged at a meeting today
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ADP employment report pointed to a 106k jobs gain in January (exp. 170k)
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US manufacturing ISM index dropped from 48.4 to 47.4 pts in January (exp. 48.0)
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US JOLTS climbed above 11 million in December
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Euro area inflation decelerated from 9.2 to 8.5% YoY in January (exp. 9.0% YoY)
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Manufacturing PMI from Germany for January was revised slightly higher while PMI from France was revised slightly lower
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Official US report on oil inventories showed an unexpected increase in oil, gasoline and distillate inventories. However, build in oil was smaller than signaled by API yesterday
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EUR and AUD are the best performing major currencies while USD and CAD lag the most
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Precious metals gain, supported by weak USD. Gold and silver trade around 0.9% higher each while palladium rallies over 2%
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Cryptocurrencies trade higher, benefiting from risk-on moods. Bitcoin jumps 1.1%, Ethereum adds 2.2% and Litecoin rallies 5%
GOLD rallied on dovish Powell. Precious metal broke above the upper limit of a recent short-term trading range at $1,933 per ounce and almost reached recent local high in the $1,949 area. Source: xStation5
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