US Stocks fall amidst rate hike fears
EUR/USD 🔽
GBP/USD 🔽
AUD/USD 🔽
USD/CAD 🔼
USD/JPY 🔼
XAU 🔽
WTI 🔽
Last night, the US ISM Non-Manufacturing Purchasing Managers Index had a monthly reading of 56.5, considerably higher than the market estimate of 53.3. Sustained inflation and strong labor data have led Mitrade to anticipate further rate hikes from the Federal Reserve.
As a result, the stock market closed lower. The Dow Jones Industrial Average fell 482 points to 33,947, the S&P 500 dropped 72 points to 3,998, and the Nasdaq 100 was down 207 points to 11,786 (-1.40%).
The dollar’s strength was also reflected against its peers. The EUR/USD pair was last traded lower at 1.0512, while the Pound and Aussie fell over 90 pips to 1.2188 and 0.6696 respectively. Later this morning, the Reserve Bank of Australia is expected to raise interest rates by 25 basis points to 3.10%. USD/CAD rose more than 120 pips to 1.3588, and USD/JPY added almost 250 pips to 136.74.
On the other hand, spot gold declined to $1,768.73 an ounce. Despite a tight crude oil supply, WTI oil futures decreased to $76.93 a barrel. Bitcoin plunged over $300 to 17,039.0.
GBP/USD 🔽
AUD/USD 🔽
USD/CAD 🔼
USD/JPY 🔼
XAU 🔽
WTI 🔽
Last night, the US ISM Non-Manufacturing Purchasing Managers Index had a monthly reading of 56.5, considerably higher than the market estimate of 53.3. Sustained inflation and strong labor data have led Mitrade to anticipate further rate hikes from the Federal Reserve.
As a result, the stock market closed lower. The Dow Jones Industrial Average fell 482 points to 33,947, the S&P 500 dropped 72 points to 3,998, and the Nasdaq 100 was down 207 points to 11,786 (-1.40%).
The dollar’s strength was also reflected against its peers. The EUR/USD pair was last traded lower at 1.0512, while the Pound and Aussie fell over 90 pips to 1.2188 and 0.6696 respectively. Later this morning, the Reserve Bank of Australia is expected to raise interest rates by 25 basis points to 3.10%. USD/CAD rose more than 120 pips to 1.3588, and USD/JPY added almost 250 pips to 136.74.
On the other hand, spot gold declined to $1,768.73 an ounce. Despite a tight crude oil supply, WTI oil futures decreased to $76.93 a barrel. Bitcoin plunged over $300 to 17,039.0.
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