Eliman Dambell
Tradeview Markets
GBPUSD was trading at its lowest point in over 20 years on Wednesday, as markets reacted to the latest FOMC rate decision.
Despite some calling for a 1% hike, the Fed opted to increase rates by 75 basis points, as it continues its battle with rising consumer prices in the United States.
Ahead of the decision, market speculation had led to the greenback gaining versus several G-7 currencies, including USDJPY.
EURUSD also fell to a fresh 20-year low, with GBPUSD trading at its weakest point in over two decades.
As of writing this, XAUUAS was trading at a 2-year low.
U.S. President Biden responds to Putin’s Nuclear threats
U.S. President Joe Biden today reposended to Russian leader Vladimir Putin, as Russia prepared to mobilize 300,000 troops.
In a televised address, Putin stated that, “We are talking about partial mobilization, that is, only citizens who are currently in the reserve will be subject to conscription, and above all, those who served in the armed forces have a certain military specialty and relevant experience”.
The Russian leader was also quoted as saying, “ (The west) wants to destroy our country”.
Responding to this, Biden was quoted as saying, “No matter what else is happening in the world, the United States is ready to pursue critical arms control measures. A nuclear war cannot be won and must never be fought”.
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EUR/USD comes under extra pressure, challenges 1.1300
The selling pressure around EUR/USD now picks up pace and motivates the pair to slip back to the boundaries of the key support at 1.1300 on the back of a firmer US Dollar. Earlier in the day, mixed data emerged from the Eurozone, with Industrial Production rising by 1.1% in February and the ZEW Economic Sentiment index plunging to -18.5 in April.
GBP/USD remains firm above the 1.3200 mark
Following fresh six-month highs around 1.3250, GBP/USD is now facing some mild selling pressure and is receding toward the 1.3230-1.3220 band amid an acceptable recovery in the Greenback. Cable's strong performance, in the meantime, comes amid mixed results from the UK jobs report.
Gold clings to gains just above $3,200
Gold keeps its constructive tone in place on Tuesday, trading just above $3,200 per troy ounce and reversing the pessimism seen at the beginning of the week. Reduced worries about an escalating global trade conflict and a more positive risk environment have capped the gains for XAU/USD so far.
Bitcoin aiming for $95,000 as Global M2 money supply surges
Bitcoin (BTC) price edges higher and trades slightly above $85,500 at the time of writing on Tuesday after recovering nearly 7% the previous week. The rising Global M2 money supply could be a favorable signal for both Gold and Bitcoin.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
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