Ipek Ozkardeskaya
Swissquote Bank Ltd
Federal Reserve (Fed) Chair Jerome Powell reiterated yesterday that the Fed is not in a rush to cut rates but that it will cut sometime this year and that the recent jump in inflation didn’t ‘materially’ change their policy outlook. The latter was enough to send the market higher with joy. Stocks and bonds gained as the US dollar retreated sharply, leaving no room for the ECB doves to enjoy a softer than expected inflation data.
Up next, investors will be watching the weekly jobless claims and job cuts as they wait for Friday’s jobs data.
Elsewhere, gold traded past the $2300 per ounce and crude oil extended gains past the $86.50pb level after OPEC confirmed production cuts.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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