RBA hikes, Aussie Falls, Chinese Stocks Under Pressure

Disenchanting growth target from China was expected to keep the oil bears in charge of the market, but the 100-DMA got surprisingly cleared to the upside yesterday.

Forex

Stocks closed flat and the dollar softened. The Aussie fell after the Reserve Bank of Australia (RBA) announced 25bp hike and the EURUSD flirted with the 1.07 mark.

Fed

Today, all eyes and all ears are on Federal Reserve (Fed) Chair Jerome Powell and what he thinks about the latest set of economic data.

Since the latest FOMC meeting, we saw a blowout NFP number, an uptick in inflation figures, lower-than-expected decline in the S&P500 earnings, and overall encouraging economic activity data.

The S&P500 is above 4000 into Powell’s testimony, and the dollar is soft. Could Jay Powell reverse that?

Watch the full episode to find out more!

• 0:00 Intro
• 0:38 Chinese stocks under pressure, US stocks zen pre-Powell
• 3:02 Powell will sound hawkish but investors may chose not to listen
• 6:24 US crude clears 100-DMA resistance
• 9:00 FX update: RBA hikes, Aussie falls, dollar bulls in retreat

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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