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FOMC Meeting Preview

Markets have mostly pressed the pause button in the lead up to today’s FOMC meeting with gold and the dollar trading in narrow ranges and US stocks ending flat and just off record highs.

Bitcoin plummets 13% in a day

Bitcoin has been slammed for a second day on reports of a technical fault in its blockchain. The US dollar fell again amid strong economic data, sending the pound and the euro higher. The ECB kept policy steady. Today sees the release of January PMIs.

Oil price hits 2-year high after OPEC

OPEC’s decision to gradually increase production through July spurred a jump in the price of oil to a two-year high. The dollar firmed after US manufacturing PMI data. Wall Street had a flat return from Memorial Day.

Dow hits intraday record high

The Dow Jones hit a fresh intraday record high on Monday, while tech stocks dragged the Nasdaq index into correction territory, down 10% from its high. The dollar gained as Treasury yields rose and the gold price fell again.

Dollar drops to 2-month low

The dollar is at its lowest in 2 months after Joe Biden was projected to be new President of the United States and the October NFP report came in better than expected.

FDA approves covid vaccine

Both the Dow and the S&P 500 recorded their first down week in three. On Sunday it was agreed to extend Brexit talks past the latest deadline, while the FDA has approved the Pfizer covid-19 vaccine and will begin vaccinations in the US this week.