RBA Hike Sent A Wave Of Optimism But The Downside Risks Persist
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Global equities, bonds, commodities and currencies rallied, as the US dollar eased further yesterday. Soft US JOLTS data, and softer-than-expected Reserve Bank of Australia (RBA) hike sent a wave of optimism across the global markets. But the downside risks persist with further US jobs data due today, and OPEC – which may announce a big cut in oil production.
The US dollar index slid to 110 mark, the EURUSD advanced to parity, and Cable advanced to 1.1490. The USDCAD fell to the 1.35 on the back of softer US dollar and firmer oil.
Commodities Market
In commodities, gold tested the 50-DMA to the upside ($1730 per ounce,) while Bitcoin consolidated above the $20K mark.
Today, the ADP report is expected to print 200’000 new private job additions in the US. A soft figure is what every investor is secretly praying for.
In oil, according to the latest reports, OPEC could announce cutting oil output by 2 million barrels today. But, a big decline in OPEC supplies may not necessarily trigger a further price rally, as higher the energy prices, the sharper the central banks must kill demand to pull the prices lower.
Watch the full episode to find out more!
- 0:00 Intro
- 0:35 Equities rebound
- 1:23 Elon will buy Twitter!
- 2:03 FX update: dollar down, majors, gold & Bitcoin up
- 2:38 What triggered the latest rally?
- 6:29 How could it last?
- 7:20 A big cut from OPEC could, also, backfire!
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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