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Wall Street, Europe shares dip after Fed Chair Powell adjusts expectations. A strong job report makes six expected cuts unlikely.
Gold dropped on a strong US nonfarm payroll, boosting the dollar and Treasury yields. Traders see a 70% chance of a May rate cut, per CME Fed Watch.
OPEC+ kept oil output unchanged, boosting Friday trade and offsetting losses from unconfirmed Israel-Hamas ceasefire reports.
Despite lower-than-expected private payroll increases last month, the US dollar continued to rise against the pound on Thursday after the Fed meeting.
In December 2023, FOMC maintained rates, hinting at multiple 2024 cuts. Markets expect steady rates in the upcoming week's meeting.
Wednesday saw Australian shares hit record highs on weaker-than-expected inflation. The S&P/ASX 200 has been on a stunning run recently.
December's job report: 216,000 new positions added, maintaining a 3.7% unemployment rate, a significant increase from November's revised 173,000.
US stocks advanced on Monday as market participants looked ahead to this week's slew of economic data and the Fed's monetary policy meeting.
ADP report: The US added 164,000 jobs in December, surpassing 130,000 expectations, signaling a robust close to the 2023 labor market.
Oil prices rose 1% after a missile hit a Trafigura tanker in the Red Sea. Russian refined exports declined due to drone attack-related refinery repairs.
Oil prices fell after a 3% gain, reaching their December high amid an improved economic outlook and Red Sea tensions disrupting global trade.
Gold dipped as US business activity rose in January and inflation eased, prompting investors to reconsider expectations for a Fed rate cut.
The core PCE price index increased 3.2% YoY in November, below the expected 3.3%. Lowest since April 2021, signaling a slowdown.
The pound hits a 4-month high vs. the euro, indicating a resilient UK economy. The BOE may delay rate cuts compared to other central banks.
