Daily Market Update – Thursday, March 23, 2023 The US Feder | Forex Trading - RichDadph

Daily Market Update – Thursday, March 23, 2023

The US Federal Reserve has delivered a 25 basis-point interest rate hike leading to Wall Street's sharp decline with the Dow, S&P 500, and Nasdaq losing approximately 1.6%.

The Fed's policy statement no longer states that ongoing increases in rates will be appropriate.

The market faced conflicting narratives from the Fed Chair Jerome Powell and Treasury Secretary Janet Yellen's remarks.

Powell indicated that the Fed is in a 'wait and see mode' regarding the impact of the anticipated tightening of credit standards on the economy and inflation.

The Dollar Index fell 0.63% to 102.500, with EUR/USD up 0.87% to 1.0861.

The British Pound rose after the UK inflation came in hotter than expected. The Bank of England is widely expected to raise rates by a quarter point to 4.25%.

Gold revisited the high of $1900s after snapping two days of losses.

Crude oil prices rallied for the third straight day helped by a US government report of a larger-than-expected drawdown from fuel stockpiles and the dollar’s continued tumble ahead of the Federal Reserve’s latest decision on interest rates.





#DanielAng