Despite the rise in US Treasury yields, the Federal Open Market Committee (FOMC) minutes revealed a cautious approach to interest rate cuts, putting ** pressure on the dollar index on Wednesday. The minutes make it clear that more evidence of deflation is needed to alleviate concerns about upside risks. According to *** data, nearly 70% of market participants expect the Fed to cut interest rates at its June meeting.
The Australian dollar could face challenges due to weaker Australian currency markets. The S&P ASX 200 Index traded for the third consecutive session amid negative sentiment**. The recently released FOMC minutes warned of interest rate cuts, which could delay the start of the easing cycle. The minutes of the Reserve Bank of Australia's meeting released earlier this week further heightened concerns about the possibility of no rate cuts.
The yen was under pressure against the dollar for the second consecutive session on Thursday and remained near weekly lows despite the lack of further selling pressure. Quarterly data from October to December showed that Japan's economy unexpectedly contracted for the second consecutive quarter, confirming a technical recession. This seems to dash market expectations that the Bank of Japan's policy stance will change in the coming months.
Israel launched air strikes against Allah in Lebanon, while the Houthis attacked a second merchant ship in the Red Sea. Israel has received advice from the United States to refrain from attacks on the ground without a plan to protect civilians. The turmoil in the Middle East has exacerbated concerns about ***, pushing the WTI***
U.S. ** bond yields pushed markets to multi-week highs; The current yield on the 10-year Treasury note is 431%, up from an earlier peak of 435% is down. Yields rose after the release of the FOMC minutes released on Wednesday. According to the memo, policymakers are in no hurry to lower interest rates; Instead, they want to see more evidence that inflationary pressures are building up before doing so. Policymakers acknowledge that policy rates may be nearing the peak of this tightening cycle, but they also highlight the dangers of "moving too fast".
ETO Markets analysts believeAccording to the 4-hour chart, ** has been facing selling pressure over the past two days, but it seems that the decline has come to an end. ** The US dollar (XAU USD) is hitting an intraday low....The US dollar is slowly recovering its losses after that. The Relative Strength Index has just stabilized above 50, indicating that the technical indicator has stopped the trend. At the same time, the US dollar is slightly above the 100-day position, while the 20-day dollar is still well above the current level, although it has fallen slightly. The near-term resistance level is around ....around the US dollar.
The aftermath of the geopolitical turmoil in the Middle East has not subsided, and traders are still keeping a close eye on potential channel restriction issues, which also drove the WTI to appear on Wednesday. The market widely expects that the increase in U.S. refinery activity will reduce the accumulation of U.S. refinery, providing strong support for U.S. refinery. However, the growing surplus of oil reserves in the United States is gradually gaining a place in the energy market.
ETO Markets analysts believeWTI *** is continuing to the trend. The US dollar is moving stronger, as the energy market** reaches recent highs. The daily candlestick chart shows a clear sideways consolidation trend, with traders battling fiercely around the 200-day moving level. Touched since January. Since its highs, the dollar has not been able to break out into new territory. Bulls fell to barrels. After the dollar, it will be difficult to *** push up to the bullish territory....
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