Market Overview Analysis by Ipek Ozkardeskaya covering: EUR/USD, USD/JPY, USD/CHF, XAU/USD. Read Ipek Ozkardeskaya's latest article on Investing.com
yesterday was - interesting. As expected, the Fed kept its rates unchanged and said that they are not confident about cutting the interest rates as inflation has started to show signs of heating up. Jerome Powell reassured that the Fed’s next move will unlikely be a rate hike. That was a relief. Then, the Fed said that it will start tapering QT. It sounded like ‘the rates must stay longer in the oven but taste this – in the meantime’.
The cocktail of no-rate-cut-in-horizon from the Fed, soft economic data, rising price pressures and rising US oil inventories sent the barrel ofbelow the $80pb level. News that the US and Saudi Arabia are working on a new pact to help ease tensions in the Middle East strengthens the bears’ hands as well. Note that yesterday’s decline pushed the barrel of crude into the medium-term bearish consolidation zone and paves the way for deeper losses. Next support is seen at $78pb – the 100-DMA.
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