Global markets reacted to the FED decision to lower interest rates by 50 basis points to 1.25, that’s two weeks ahead of the scheduled FED meeting this month. The move which was already priced in by the markets did little to please investors and in wake of newly reported corona virus cases in the US and globally US markets traded sharply lower following the rate decision. FX markets reacted with another sharp move lower in the dollar index, now down 2.5% from 2020 highs and trading at 97.34 this morning. EU markets are set to open marginally higher this morning in wake of the US rate cut and US futures point higher as well following the Super Tuesday surprise win by Joe Biden. Gold was the clear winner in the markets yesterday following the rate cut, trading higher nearly 5%, plus $60 dollars, to close at $1,646 per ounce. Silver traded higher as well, up 3.5%. Oil will be in focus today on the Inventories numbers and tomorrow as OPEC+ meetings in Vienna are set to pave the path for production cuts and price control near term. Oil closed at $47.1 per barrel yesterday.
US ADP Employment Change at 1:15 pm, CAD BOC Rate decision at 3:00 pm, US ISM Non-Manufacturing PMI at 3:00 pm and Oil Inventories at 3:30 pm are the important news on the agenda Wednesday, (all times GMT).
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Gold was the clear winner in the markets yesterday, surging $60 after the surprise rate cut.
Nasdaq futures look to rebound from the steep selloff yesterday following the Super Tuesday Joe Biden win.
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