Fed speak sidestepped the debt ceiling and focused on inflation
On Tuesday, Federal Reserve Chairman Jerome Powell did not address debt ceiling negotiations during a meeting with Democratic Congress members. Instead, he focused on high inflation rates, while maintaining an optimistic economic outlook.
The Nasdaq 100 dropped 177 points to 13,672, and the S&P 500 slid 47 points to 4,145. The Dow Jones Industrial Average plunged 231 points to 33,055.
The UK recorded several lower-than-expected PMI readings, indicating an economic decline. The GBP/USD then fell by 23 pips to 1.2414. Meanwhile, the UK year-on-year inflation rate is expected to slow from 10.1% to 8.3% in April.
EUR/USD declined 43 pips to 1.0770, and AUD/USD slipped 44 pips to 0.6609. USD/CAD and USD/JPY both closed one pip lower at 1.3504 and 138.59 respectively.
Later tonight, Mitrade estimates US crude oil inventories to decrease by over 9 million barrels. WTI oil futures edged up $0.86 to $72.91 a barrel. Spot gold gained $3 to $1,975.09 an ounce. Bitcoin and Ethereum rose to $27,167.0 and $1,847.13 respectively.
The Nasdaq 100 dropped 177 points to 13,672, and the S&P 500 slid 47 points to 4,145. The Dow Jones Industrial Average plunged 231 points to 33,055.
The UK recorded several lower-than-expected PMI readings, indicating an economic decline. The GBP/USD then fell by 23 pips to 1.2414. Meanwhile, the UK year-on-year inflation rate is expected to slow from 10.1% to 8.3% in April.
EUR/USD declined 43 pips to 1.0770, and AUD/USD slipped 44 pips to 0.6609. USD/CAD and USD/JPY both closed one pip lower at 1.3504 and 138.59 respectively.
Later tonight, Mitrade estimates US crude oil inventories to decrease by over 9 million barrels. WTI oil futures edged up $0.86 to $72.91 a barrel. Spot gold gained $3 to $1,975.09 an ounce. Bitcoin and Ethereum rose to $27,167.0 and $1,847.13 respectively.