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Fed officials prefer a slowdown in rate hikes

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Investors’ mood has been lifted by the release of Federal Reserve meeting minutes, as more fed officials opted to slow the pace of rate hikes. After that, the stock market surged with significant gains. There were gains of 95 points (+0.28%) on the Dow Jones Industrial Average , 23 points (+0.59%) on the S&P 500 , and 113 points (+0.97%) on the Nasdaq 100.

There is also weakness in the dollar against other major currencies. The EUR/USD pair hit a four-month high of 1.0395. The GBP/USD increased 176 pips to 1.2052, and the AUD/USD increased 87 pips to 0.6731. USD/CAD was down 25 pips to 1.3351, and USD/JPY declined below 140.0 to 139.59, losing 170 pips.

Spot gold rose $9 to $1,749.59 an ounce, while WTI crude futures fell $3.50 to $77.94.