Fed rate estimates falling weaken the greenback
Recent banking crises were partly caused by aggressive rate hikes, which lowered the value of long-term Treasury bonds. As a result, Mitrade expects the Federal Reserve to scale back on future rate hikes, with current market consensus aiming for a 25 basis point increase on Thursday.
The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD surged 101 pips to 1.2276 and AUD/USD added 23 pips to 0.6718. USD/CAD declined 63 pips to 1.3664, and USD/JPY dropped 48 pips to 131.31.
The stock market continues to recover, as the Dow Jones Industrial Average increased 382 points to 32,244. The S&P 500 rose 34 points to 3,951, and the Nasdaq 100 edged up 42 points to 12,562.
Spot gold fell $10.39 to $1,978.95 an ounce, and WTI oil futures closed $1.20 higher at $67.82 a barrel. Bitcoin climbed to $27,883.0, while Ethereum slipped to $1,750.83.
The news slowed the dollar, with EUR/USD advancing 53 pips to 1.0719. GBP/USD surged 101 pips to 1.2276 and AUD/USD added 23 pips to 0.6718. USD/CAD declined 63 pips to 1.3664, and USD/JPY dropped 48 pips to 131.31.
The stock market continues to recover, as the Dow Jones Industrial Average increased 382 points to 32,244. The S&P 500 rose 34 points to 3,951, and the Nasdaq 100 edged up 42 points to 12,562.
Spot gold fell $10.39 to $1,978.95 an ounce, and WTI oil futures closed $1.20 higher at $67.82 a barrel. Bitcoin climbed to $27,883.0, while Ethereum slipped to $1,750.83.