Fed raises rates by 25 bps as expected
As expected, the Federal Reserve has raised rates by 25 basis points to 5.00%, with the official statement indicating further rate hikes by the end of 2023. The greenback then weakens towards its peers, with USD/CAD edging up 14 pips to 1.3727, and USD/JPY dropping 102 pips to 131.44.
GBP/USD climbed 50 pips to 1.2264, as its year-on-year inflation rate jumped to 10.4% in February, higher than Mitrade's estimates. Later tonight, the Bank of England is expected to increase interest rates by 25 basis points. EUR/USD advanced 88 pips to 1.0855, and AUD/USD moved up 14 pips to 0.6682.
Spot gold surged $29.02 to $1,969.66 an ounce, and WTI oil futures added $1.23 to $70.90 a barrel. Bitcoin and Ethereum slid to $27,235.0 and $1,733.95 respectively.
The Nasdaq 100 fell 174 points to 12,567. The Dow Jones Industrial Average plunged 530 points to 32,030, and the S&P 500 declined 65 points to 3,936.
GBP/USD climbed 50 pips to 1.2264, as its year-on-year inflation rate jumped to 10.4% in February, higher than Mitrade's estimates. Later tonight, the Bank of England is expected to increase interest rates by 25 basis points. EUR/USD advanced 88 pips to 1.0855, and AUD/USD moved up 14 pips to 0.6682.
Spot gold surged $29.02 to $1,969.66 an ounce, and WTI oil futures added $1.23 to $70.90 a barrel. Bitcoin and Ethereum slid to $27,235.0 and $1,733.95 respectively.
The Nasdaq 100 fell 174 points to 12,567. The Dow Jones Industrial Average plunged 530 points to 32,030, and the S&P 500 declined 65 points to 3,936.
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