Markets mixed ahead of Fed decision - 20.3.2024

Senior Analytical Expert

Articles:778

Todays’ Market Summary

The Dollar strengthening continues currently
Futures on three main US stock indexes are down
Brent is retracing lower currently.
Gold prices are edging down currently

Top daily news

Global equity indexes are pointing in opposite directions currently ahead of Fed rate decision after Wall Street resumed advancing again on Tuesday. Nvidia stock rose 1.07% outperforming market, Amazon shares added 0.8% on Tuesday ahead of the launch today of e-commerce giant's first-ever "Big Spring Sale" that will run for six days.

Open Account

Try Free Demo

Forex news

Currency Pair	Change
EUR/USD	-0.2%
GBP/USD	-0.1%
USD/JPY	+0.4%
AUD/USD	-0.3%

The Dollar strengthening continues currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.3% on Tuesday.

Both EUR/USD and GBP/USD slowed their retreating yesterday as ZEW survey results showed economic sentiment for Germany improved again in March. Both euro and Pound are lower against the dollar currently. USD/JPY rallied on Tuesday and AUD/USD accelerated its retreating with both the yen and Australian dollar lower

Stock Market news

Indices	Change
DJIA	-0.1%
UK 100	-0.2%
Hang Seng	+0.03%

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year US notes up at 4.293%. Stock indexes ended solidly higher on Tuesday with three main stock benchmarks recording daily gains in a range from 0.4% to 0.8% and SP 500 finishing at a fresh record ahead of Federal Reserve’s decision today at 19:00 CET. It is widely expected the central bank will keep interest rates unchanged.

European stock indexes are lower currently after closing higher on Tuesday with autos stocks leading gains. Asian indexes futures are mostly higher today in thin trading with Japanese markets closed.

Commodity Market news

Commodities	Change
Brent	-0.4%
Light Weight Crude Oil	-0.5%

Brent is retracing lower currently. Prices rose yesterday before the American Petroleum Institute (API) report showing US crude stockpiles fell by 1.5 million barrels last week. Supply concerns provide ongoing support for oil prices after Ukraine's recent attacks on Russian refineries with at least seven refineries targeted by drones just this month. Analysts estimate attacks have shut down around 370,500 barrels per day or 7% of Russian refining capacity. The Energy Information Administration (EIA) will release its US inventory data at 15:30 CET today. The US oil benchmark West Texas Intermediate (WTI) rose 0.9% but is lower today. Brent added 0.6% to $87.38 a barrel on Tuesday.