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Market News The Bank of England Raises Interest Rates by the Most in 33 years, But the Pound and the US Dollar Fell By More Than 2%
Market Evening New
The Bank of England Raises Interest Rates by the Most in 33 years, But the Pound and the US Dollar Fell By More Than 2%
TOPONE Markets Analyst2022-11-04 09:30:00
Hot spot tracking
- The Bank of England raised interest rates by 75 basis points as scheduled, and Governor Bailey released dovish expectations
- U.S. 2-year and 10-year Treasury yields inverted at record highs
- U.S. Department of Energy sells about 15 million barrels of strategic petroleum reserves in latest tender
Product Hot Comment
ForexOn Thursday (November 3), the US dollar index stood at 113, the first time in nearly two weeks, and closed up 0.785% at 113.01. After the announcement of the Bank of England's decision, the pound accelerated its decline against the dollar and closed around 1.1155, down more than 2% on the day.📝 Review:The dollar rose against major currencies on Thursday, with U.S. interest rates likely to peak higher than market expectations. Sterling fell after the Bank of England raised interest rates but warned that the "prospect is very challenging".🕵️ Operation suggestion:go short GBP/USD at 1.11670, target price 1.10671
GoldSpot gold continued to fall, as low as 1,615.80, and closed down 0.19% at $1,631.86 per ounce; spot silver fell below the 19 mark in intraday trading and finally closed up 0.98% at $19.47 per ounce.📝 Review:Gold prices fell to their lowest in more than a month on Thursday, as the dollar and U.S. Treasury yields jumped after Federal Reserve Chairman Jerome Powell's hawkish remarks, dampening the appeal of non-yielding gold. Spot gold was down 0.3 percent at $1,629.97 an ounce, having earlier fallen more than 1 percent to hit its lowest since Sept. 28.🕵️ Operation suggestion:go short at 1629.70, the target price is 1616.73
Crude OilPowell's latest speech made oil prices fall, with WTI crude oil closing down 1.57% at $87.94 a barrel; Brent crude oil closing down 0.96% at $94.54 a barrel. U.S. natural gas futures extended their decline, with NYMEX December natural gas futures closing down 4.67% at $5.9750 per million British thermal units. European natural gas prices rose and fell. TTF benchmark Dutch natural gas futures once rose by more than 10%, and finally closed down 0.33%. Traders paid attention to the weather forecast.📝 Review:Oil prices fell about 2 percent on Thursday as higher U.S. interest rates boosted the dollar and coronavirus concerns raised fears that a global recession would hit fuel demand. However, losses were capped by concerns about tight supply.🕵️ Operation suggestion:go short at 87.310, the target price is 85.416
IndiceU.S. stocks extended losses as more hawkish bets on the Federal Reserve sparked recession fears. The three major stock indexes closed down collectively, the Dow closed down 0.46%, the Nasdaq closed down 1.73%, and the S&P 500 closed down 1.06%. Star technology stocks generally fell, Qualcomm closed down more than 7% after the results, Apple and Alphabet closed down more than 4%, and Amazon closed down about 3%.📝 Review:U.S. stocks closed lower for a fourth straight session on Thursday as economic data barely changed expectations that the Federal Reserve will keep raising interest rates longer than previously expected.🕵️ Operation suggestion:short the Nasdaq index is at 10676.400, the target price is 10438.100
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