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The Start of today's session on Wall Street began without a clear direction. However, after comments from FOMC members, the markets received a clear signal to rise.
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Initially, both indices and cryptocurrencies gained strongly, while safe assets like the dollar lost. The returns were slightly erased towards the end of the session.
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EURUSD briefly broke through the key barrier of 1.10. However, the pair has currently pulled back below this level and remains around 1.0980, gaining 0.25%.
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One of the more volatile currency pairs today is USDJPY. The Japanese yen is strong, which, combined with a weaker dollar, results in a drop of about 0.75%, below 147,500.
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Comments from FOMC members:
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Bowman - higher interest rates may be necessary to maintain low and stable inflation (advocates for rate hikes if the pace of inflation decline is halted)
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Waller - if inflation continues to fall, there is a possibility of lowering interest rates. Waller is optimistic, with initial voices about rate cuts emerging.
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Goolsbee - notes progress in lowering inflation, except for food prices, but admits it has not yet reached the target.
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US real estate market data showed that home prices in September set record levels despite high-interest rates, which translated into low mortgage availability. According to the S&P Case-Shiller index, home price growth was 3.9% year-over-year, previously at 2.1% y/y.
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The Conference Board Index rebounded to 102.0 points, breaking three consecutive months of declines.
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WTI oil gains 2.0%, despite a momentary hesitation midday, due to reports from 4 different sources that talks between OPEC+ countries are expected to be very difficult.
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GPW had a successful session. Despite mixed sentiments in Europe, the Polish WIG20 index gained over 1.4% today.
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In the cryptocurrency market, green prevails, though the scale of gains is limited. Bitcoin is up 2.5% today and is testing the 38,000 USD level. However, if BTC closes above this level, it will be a new ATH in 2023.
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Precious metals had a successful session, due to the weakness of the dollar. Gold and silver gained over 1.2%, and platinum added more than 2%. Palladium is the only one lagging, losing 1.5%.
Gold quotes knocked out a key resistance zone at $2,000 in yesterday's session, and today the upward movement continues. The levels of $2,050 and $2,060 should be considered as the nearest resistances, respectively. Source: xStation5
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