Slowing US inflation cuts rate hike estimates
EUR/USD 🔼
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔼
WTI 🔼
The US month-on-month inflation rate turned negative at -0.1% in December, while the year-on-year reading remained at 6.5%. As a result, Mitrade now expects a 25 basis points Fed rate hike in February is more likely.
Less tightening spells good news for the stock market. The Dow increased 216 points (+0.64%) to 34,189, the Nasdaq rose 57 points (+0.50%) to 11,459, while the S&P climbed 13 points (+0.34%) to 3,983.
Major currencies then strengthened against the greenback. EUR/USD surged over 90 pips to 1.0846. GBP/USD and AUD/USD added more than 60 pips to 1.22 and 0.6972 respectively. USD/CAD dipped 62 pips to 1.3362, and USD/JPY lost over 300 pips to a seven-month low at 129.22.
Spot gold climbed to $1,896.91 an ounce, and WTI oil futures advanced slightly to $78.39 a barrel. Bitcoin is currently trading higher at $18,786.0.
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔼
WTI 🔼
The US month-on-month inflation rate turned negative at -0.1% in December, while the year-on-year reading remained at 6.5%. As a result, Mitrade now expects a 25 basis points Fed rate hike in February is more likely.
Less tightening spells good news for the stock market. The Dow increased 216 points (+0.64%) to 34,189, the Nasdaq rose 57 points (+0.50%) to 11,459, while the S&P climbed 13 points (+0.34%) to 3,983.
Major currencies then strengthened against the greenback. EUR/USD surged over 90 pips to 1.0846. GBP/USD and AUD/USD added more than 60 pips to 1.22 and 0.6972 respectively. USD/CAD dipped 62 pips to 1.3362, and USD/JPY lost over 300 pips to a seven-month low at 129.22.
Spot gold climbed to $1,896.91 an ounce, and WTI oil futures advanced slightly to $78.39 a barrel. Bitcoin is currently trading higher at $18,786.0.
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