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    Global Markets Turn Red as Fed Speakers Downplay Rate Cuts

    bdswiss market review 260619

    1. Global Markets Turn Red after Fed Speakers Downplay Rate Cuts

    US bourses dipped on Tuesday, on sharp declines in tech shares, after comments from top Federal Reserve downplayed a potential rate cut next month. Asian markets are also headed for a mostly bearish close on Wednesday morning while EU bourses started the day in the red. *

    2. Forex Preview: Dollar Set for More Gains

    The USD recovered some of its previous losses after a very dovish Fed meeting last week caused a massive selloff for the greenback. The dollar could now find its bottom and possibly correct to the upside after a number of Fed speakers dimmed expectations of a rate cut at the next monetary meeting. The EUR/USD is presently at its 200-day MA at 1.1360 while the GBP remains too fragile to respond to the dollar correction and has already recorded losses with the GBP/USD last seen trading 0.24 percent lower at 1.2666 as of 7:45 GMT. We would expect more losses for the sterling throughout the day.**

    3. Oil Prices Skyrocket

    Elsewhere, oil prices advanced by 2% this morning despite a stronger greenback after data showed U.S. crude stockpiles fell more than expected. Specifically, crude WTI futures were last seen trading 1.8% higher at $58.88, while Brent futures were last at $65.11, or 1.3% higher as of 7:55 GMT.***

    4. Bitcoin, Neo and OmiseGo Lead Major Crypto Rally

    Bitcoin massively skyrocketed overnight testing the $12,800 level hitting fresh year-to-date highs to last trade at $12,480.0 as of 8:00 GMT. After this more than impressive run in the recent weeks, one needs to consider strong corrections could happen to this most volatile asset. That said, the upward momentum is clearly intact. Other major cryptocurrencies also recorded major gains today, with NEO and OmiseGO adding more than 10% this morning. NEO in particular has doubled in value in less than a week.****

    5. Gold Retreats

    A stronger greenback weighed on the dollar-denominated noble metal and caused it to slide from its six-year peak hit on Tuesday. Given the overall landscape of things, dips in Gold continue to look interesting to buyers.*****

    You can find and trade CFDs on all of the above mentioned assets on BDSwiss Forex/CFD platforms.

    Sources:
    *CNBC Jun 26, 2019 2:48 AM ET
    **Reuters Jun 26, 2019 3:53 AM ET
    ***FXStreet Jun 26, 2019 03:07 AM ET
    ****Bloomberg Jun 26, 2019 06:13 AM ET
    *****Investing Jun 26, 2019 06:13 AM ET


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