The dollar traded higher following the disappointing rate outlook from Fed Chairman Powell yesterday afternoon. The Fed went ahead and lowered the interest rate by 25 basis points, yet the markets expected that plus more clarity regarding future rate decisions, that part went missing from Powell’s statement. The dollar charger higher versus major to fresh 2019 highs while US equity markets lost at one point nearly 2% before rebounding to close lower by 0.89%, the biggest loss for the markets in 3 months. Trading at all time highs in the US and near 2019 highs in the EU, a pullback would be technically a blessing for global equity markets. Metals traded lower on a stronger dollar, Gold futures lost $20 on the move to close at $1,409 per ounce. Oil traded higher following the release of the Inventories numbers, following a drop in US inventories and OPEC record lows production levels, however the bleak US dollar outlook coming out of the Fed meeting reversed course for Oil, sending it lower overnight. Prices traded at $57.8 per barrel at the close yesterday.
UK BOE rate decision at 12:00 pm, BOE Gov Carney speech at 12:30 pm and US ISM manufacturing at 2:00 pm are the important news on the agenda Thursday. (all times GMT).
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Total for July: $3,563
NASDAQ futures expected to continue lower following the disappointing Fed decision yesterday
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