The US Dollar is now at yearly highs, which seems incredible considering it was at yearly lows only six weeks ago. The DXY made yet another step up during yesterday’s session to close the day just under 107. The Euro continued to get hammered by the relentless push in the Greenback, now flirting with $1.05 and below. The Yen is also feeling the pressure, USDJPY climbing back above 156 yesterday and rising higher still this morning in Asia.
During a speech in Dallas on Thursday, Jerome Powell told reporters that the Federal Reserve was in no rush to ease monetary policy. The comments dampened hopes for a final rate cut during the Fed’s final meeting of the year, scheduled for the 18th of December. Powell referred to a solid job market and inflation levels above 2% as justification for the stance. FedWatch odds for the final decision are now roughly 50-50 between a 25 bps cut and no change.
Gold once again closed the day in the red on Thursday, making it five for five. It is fair to say that the safe-haven asset has reacted badly to the election of Donald Trump, falling over 6% since the 5th of November to $2,564 yesterday. Silver is not faring any better, closing just above $30 an ounce after briefly wicking below that level. Bitcoin experienced a minor pullback yesterday but remains around $88k at the time of writing. Meme coins have been popping off here and there during the course of this week, in moves reminiscent of the previous bull-run.
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