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Underperforming earnings from tech giants Alphabet (GOOGL) and Microsoft (MSFT) have sent major stock indices reeling. As Alphabet and Microsoft’s stock prices have dropped 9.14% and 7.72% respectively, signs of a slowed economy are likely to make the Federal Reserve slow down on the rate hikes in December.
Meanwhile, the news has also weakened the greenback, allowing EUR/USD to surge above parity and stabilized at 1.0077. Later this afternoon, Mitrade was informed that the European Central Bank is expected to raise rates by 75 basis points to 2.00 %. AUD/USD closed higher at 0.6497 with notable gains.
Although the British Parliament is still heavily divided as the new Prime Minister is in office, GBP/USD led its peers by adding over 150 pips to 1.1627. The Bank of Canada only increases its interest rate by 50 basis points - lower than the estimate of 75, USD/CAD fell to a low of 135.13 and recovered to 1.3551. USD/JPY declined further to 146.35.
With investors looking forward to a less hawkish Federal Reserve, gold prices rose steadily to $1,664.76 an ounce. Despite an increase in crude oil inventories by 2.59 million barrels, WTI oil futures have increased to $87.91 a barrel.
GBP/USD 🔼
AUD/USD 🔼
USD/CAD 🔽
USD/JPY 🔽
XAU 🔼
WTI 🔼
Underperforming earnings from tech giants Alphabet (GOOGL) and Microsoft (MSFT) have sent major stock indices reeling. As Alphabet and Microsoft’s stock prices have dropped 9.14% and 7.72% respectively, signs of a slowed economy are likely to make the Federal Reserve slow down on the rate hikes in December.
Meanwhile, the news has also weakened the greenback, allowing EUR/USD to surge above parity and stabilized at 1.0077. Later this afternoon, Mitrade was informed that the European Central Bank is expected to raise rates by 75 basis points to 2.00 %. AUD/USD closed higher at 0.6497 with notable gains.
Although the British Parliament is still heavily divided as the new Prime Minister is in office, GBP/USD led its peers by adding over 150 pips to 1.1627. The Bank of Canada only increases its interest rate by 50 basis points - lower than the estimate of 75, USD/CAD fell to a low of 135.13 and recovered to 1.3551. USD/JPY declined further to 146.35.
With investors looking forward to a less hawkish Federal Reserve, gold prices rose steadily to $1,664.76 an ounce. Despite an increase in crude oil inventories by 2.59 million barrels, WTI oil futures have increased to $87.91 a barrel.