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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.

brexit
EUR/GBP hits 11-month low

The euro-pound currency pair hits its lowest since March 2020, while the US dollar steadied from its recent ascent after higher-than-expected jobless claims data. Bitcoin pulled back while gold lingered near multi-month lows.

uptrend_chart
BABA stock pops as Jack Ma reappears

Joe Biden notched up the best inauguration day gains ever as Wall Street closed at record highs. Alibaba stock jumped after founder Jack Ma reappeared in public after Ant IPO fallout. Gold jumped will Bitcoin slipped. Today it’s the BOJ and ECB meetings.

Bearish_USD
Dollar reverses February gain

The US dollar slid for a third day, wiping out most of its February gains. Bitcoin crossed $48,000 in buying momentum after the Tesla investment. China stocks rallied 2%, the Nasdaq and Russell 2000 hit new highs but the Dow and S&P 500 closed lower.

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.

trump
Trump might veto stimulus

Stocks and oil moved higher while gold dropped. The US yield curve hit its highest since 2017, XRP slumped 25% while GBP/USD popped back over 1.35. *NOTE: This is the last daily market update for 2020, we will resume on January 4. Happy holidays!

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