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Market Update Today: US Dollar, Crude Oil, and Gold

Dollar choppy after Fed statement, Evergrande exhale lifts risk-sensitive currencies

P: 1.1686
A: 1.1694 +0.0008 +0.06%

GBP/USD – British Pound US Dollar
P: 1.3625
A: 1.3621 -0.0003 -0.03%

USD/JPY – US Dollar Japanese Yen
P: 109.78
A: 109.79 0.01 0.00%

The Federal Reserve on Wednesday cleared the way to reduce its monthly bond purchases “soon” and signaled interest rate increases may follow more quickly than expected, with half of the 18 U.S. central bank policymakers projecting borrowing costs will need to rise in 2022.

Chinese President Xi wants lower property prices due to economic growth: Expert

“The tapering of quantitative easing seems very likely now in November but this was something of a given and remains couched in a lot of qualifying criteria in the event that various risks emerge, whether it is the debt ceiling debate, COVID outlook, the China property market intervening,” said Steven Violin.

Gold ends with a slight gain, eases back after Federal Reserve policy statement and Powell comments

P = $1,764.25 +4.45
A = $1,768.50 +.49%

Gold futures finished with a slight gain on Wednesday, climbing even further in electronic trading after Federal Reserve’s policy statement, but prices then eased back as investors weighed comments from the central bank’s Chairman Jerome Powell.

Fed officials suggested that the central bank may soon decide to taper its bond purchases and raise interest rates by late next year.

Shortly after gold futures settled for the session, the Fed said that “if progress continues broadly as expected, the committee judges that a moderation in the pace of asset purchases may soon be warranted.”

Oil prices settle up on U.S. stocks draw, rising fuel demand

P: 76.19
A: 76.43
P: 72.23
A: 72.41

*EIA shows drop in U.S. crude stocks to 2018 levels
*OPEC+ struggles to pump more oil
*Gas price rally adds to the upside pressure


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