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US markets continued their gains overnight as the market continued to rally on the back of the prior day’s Federal Reserve news. The Nasdaq finished up 1.33%. The Dow Jones Index closed 1.23% higher and the S&P 500 ended the session 1.23% higher as well. In Europe, the FTSE performed well finishing up and 1.28%, and the DAX closed at 0.36% lower than the prior day although it did bounce off the lows of the day to finish mostly flat.
Commodities
Brent and WTI oil both made significant gains, up 10% on the back of the market losing hope that Russia and Ukraine will end the conflict from the most recent talks. Consequently, sanctions will continue driving up the demand for commodities rose again. Gold saw a smaller move to the upside rising by 0.78% to 1938 USD. The gold price has continued its bounce off the support level at 1893 USD per ounce. Natural gas also had a strong night as it continues to coil and rise to move 3.68% higher.
Cryptocurrencies had a genera lly flat day. BTC/USD dipped 0.53% but continues to hold in a tight range. Ethereum was up 1.35% as it also continues to consolidate.
FOREX
The Bank of England raised their interest rates in line with the Federal reserve 25 basis points to a current rate of 0.75% and saw a volatile day of trading. The GBP/USD initially sold down likely because just one member of the panel had voted for a 50-point hike. The pair ended up closing flat for the day after recovering from the initial sell down. The AUD has continued to perform well against the USD. The AUD/USD was able to confirm the breakout of its channel, rising 1.21%.
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Global indices ended the week on a high as the US indices all recovered some of their recent sell offs. The Nasdaq was the strongest performer rising 2.05% to close the week. For the week, the index was able to recover some of its recent selling, finishing up 8.18%. It was also the Technology sector's best week since November 2020. However, it i...
US indices had a bumper day of trading as the Federal Reserve increased interest rates by 25 basis points. The Reserve is also expected to raise rates...