DailyFX - Forex Market News
Gold prices managed to stay afloat above the $1950/oz level as the dollar gives back some of its recent gains.
The AUD jumped after the RBA surprisingly hiked interest rates by 25 basis points and said some further tightening may be required in its determination to return inflation to its target.
The US Dollar recalibrated after data disappointed and may give the Federal Reserve room to skip a hike at their next gathering. Volatility has eased across markets. Will they spike again?
A mixed showing in Wall Street eventually saw the Nasdaq pare its initial gains by the close, partly as optimism around Apple’s share price fizzled.
The Canadian Dollar brushed aside crude oil production cuts from Saudi Arabia as OPEC+ members struggled to reach a broader agreement, causing WTI to fill a 4% gap within 24 hours.
S&P 500 rises at the start of the week, reaching its best levels since August 2022, but caution is warranted with prices approaching a major Fibonacci resistance area and the market getting stretched.