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market review 17 June 21

17 June 21

Dollar Gains as Fed Points to Rate Hikes in 2023

The dollar rose in early European trade Thursday, climbing to levels not seen for around two months after the Federal Reserve surprised markets with a hawkish turn, bringing forward its timetable for raising interest rates to 2023.
At 3:15 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was traded 0.2% higher at 91.418, after surging nearly 1% overnight, its biggest rise since March of last year.
USD/JPY was up 0.1% at 110.75, just off its recent high of 110.83, a level not seen since April 1; EUR/USD fell 0.1% to 1.1986, after falling over 1% overnight, its biggest drop since April 2020; GBP/USD was flat at 1.3987, just above its lowest level since May 7; and the risk-sensitive AUD/USD was up 0.1% at 0.7617, recovering to a degree after earlier falling to 0.7598, the lowest since April 13.
The U.S. Federal Reserve concluded its latest two-day policy meeting on Wednesday, and surprised no one by maintaining the current levels of interest rates and monthly bond purchases.

Crude oil prices fall on stronger U.S. dollar

Crude oil prices fell on Thursday as the U.S. dollar strengthened after the Federal Reserve signalled it might raise interest rates faster than expected, but losses were limited by a big drop in {{8849|U.S. crude oil inventories.
Brent crude oil futures dropped by 42 cents, or 0.6%, to $73.97 a barrel by 0649 GMT after reaching its highest since April 2019 in the previous session.
U.S. crude oil futures fell by 42 cents, or 0.6%, to $71.73 a barrel, after reaching its highest since October 2018 the previous day.
“Energy markets became so fixated over a robust summer travel season and Iran nuclear deal talks that they somewhat got blindsided by the Fed’s hawkish surprise,” said Edward Moya, senior market analyst at OANDA.
“The Fed was expected to be on hold and punt this meeting, but they sent a clear message they are ready to start talking about tapering and that means the dollar is ripe for a rebound which should be a headwind for all commodities.”

European shares slip from record highs on hawkish Fed

European shares pulled back from record highs on Thursday, tracking overnight declines on Wall Street after the Federal Reserve surprised investors by indicating it could start tapering its massive stimulus sooner than expected.
The pan-European STOXX 600 index was down 0.4% by 0705 GMT to snap a nine-day gaining streak, with mining, utility and technology stocks leading declines.
S&P 500 futures fell about 0.3% a day after the benchmark U.S. index lost half a percent following remarks from the Fed that it could begin raising interest rates in 2023, a year earlier than expected.
The Fed’s tone on tightening its pandemic-era policy was notably different from the European Central Bank’s stance last week, when it said it was too early to debate closing the money taps despite a recent rise in inflation.

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