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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.

TRY
USD/TRY slides after giant rate hike

The lira was the big FX mover after the Turkish central bank raised interest rates to a massive 15%. News that the Oxford vaccine is safe and effective alongside the resumption of stimulus talks lifted stocks on Wall Street.

bitcoin
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.

index_chart
Meme stock AMC hits 4-year high!

Shares of Reddit’s second favourite meme stock AMC jumped to a 4-year high, while the Euro STOXX 600 index hit a record high. Gold, forex and crypto markets were little changed as traders watched the reverse repo market for clues.

28_july_bitcoin
Bitcoin rally picks up steam

Bitcoin has rallied another $800 from yesterday’s break of $12,000. The British pound hit a monthly high, rallying 200 pips after trade talks resumed. Tesla reported a 5th consecutive quarterly profit after the close of another soft day in equity markets.

dollars
USD gains after NFP miss

A disappointing non-farm payrolls report heightened calls for stimulus so yields rose and that helped demand for the US dollar, which sent the gold price tumbling back to its 200 DMA.

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