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FOMC delivered a 75 basis point rate hike yesterday, in-line with expectations, and dot-plot showed median rate forecast for end-2022 at 4.4% (up from 3.4% in June projections)
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US indices seesawed following Fed decision announcement and Powell's presser but ultimately plunged at the end of yesterday's session. S&P 500 dropped 1.71%, Dow Jones moved 1.70% lower and Nasdaq declined 1.79%. Russell 2000 finished 1.42%
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Indices from Asia-Pacific also traded lower but the scale of the drop was nowhere near as big as in the United States. Nikkei and Kospi dropped 0.5% while indices from China traded 0.1-1.8% lower
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DAX futures point to a lower opening of the European cash session
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Bank of Japan left interest rates and other monetary policy settings unchanged at a meeting today, in-line with market expectations
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BoJ said that its guidance remains unchanged and rates will remain at current or lower levels. The Bank also said that it is ready to take additional easing measures if needed
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Masato Kanda, Japanese top currency diplomat and deputy finance minister, said that his country did not intervene in the FX markets but remains on standby and is ready to intervene if needed
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Josep Borrell, EU top foreign policy official, said that EU ministers agreed to devise a new package of sanctions on Russian and imposed them as soon as possible
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Goldman Sachs lowered its forecast for Chinese GDP growth for 2023 to 4.5% from 5.3%
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New Zealand reported a trade deficit for August at NZ$2.447 billion (exp. -NZ$0.5 billion). Big deficit was driven by much lower exports than in a month before (NZ$5.48 billion vs NZ$6.35 billion in July)
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Cryptocurrencies are trying to recover this morning, following declines yesterday. Bitcoin gains 1.4%, Ethereum trades 0.8% higher and Rippe rallies over 8%
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Brent and WTI trade around 0.4% higher each. Brent makes its way back above $90 handle
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Precious metals trade lower amid USD strengthening. Gold and silver drop 0.7% while platinum trades 0.3% lower
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USD and CHF are the best performing major currencies while JPY and AUD lag the most
While the US dollar underperformed during Powell's presser, the currency regained its shine later on. Greenback is the best performing G10 currency this morning, exerting pressure on gold and silver. Source: xStation5
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