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Fed more likely to decelerate rate hikes

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Market sentiment was lifted as Jerome Powell, the Chair of the Federal Reserve hinted at slowing down rate hikes in December’s interest rate decision. EUR/USD then rebounded from a low of 1.0295 to 1.0404, currently at 1.0438.

On the other hand, the British Pound and Aussie both rallied almost 100 pips against the greenback to 1.2056 and 0.6786 respectively. USD/CAD plunged over 130 pips to a week-low of 1.3409, and USD/JPY declined to 138.03.

Upon multiple large-scale protests against lockdown measures in China, the government is now leaning towards relaxing some of them. The news sent spot gold to $1,768.61 an ounce and reached a three-month high of 1,776.60 afterwards. WTI oil futures traded slightly higher at $80.55 a barrel.

In the stock market, the Nasdaq 100 had the largest gain of the day by gaining 526 points (+4.58%) to 12,030. The S&P 500 rose 122 points (+3.08%) to 4,079, as the Dow Jones Industrial Average climbed 737 points (+2.18%) to 34,589.