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FOMC delivered a 25 basis point rate hike, in-line with expectations. Rates were increased to 5.25-5.50% range - the highest level since early-2001!
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Powell sounded cautious during the press conference and stressed that hiking again as soon as September is not off the table
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Wall Street indices gained during Powell's press conference with S&P 500 futures moving above 4,600 pts mark. USD moved lower with EURUSD testing 1.11 area
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However, moves reversed later on with Wall Street erasing most of the gains and USD regaining some ground
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European stock market indices traded mixed today - German DAX dropped 0.5%, UK FTSE 100 moved 0.2% lower, French CAC40 slumped 1.3%, Spanish IBEX gained 0.8% and Italian FTSE MIB moved 0.1% higher
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Oil dropped slightly after an EIA report showed a smaller than expected draw in crude and gasoline inventories
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US new homes sales for June came in at 697k, below 725k expected and 715k reported in May
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Australian CPI inflation decelerated from 1.4% to 0.8% QoQ in Q2 2023 (exp. 1.0% QoQ). On annual basis, CPI inflation slowed from 7% YoY in Q1 2023 to 6% YoY in Q2 2023
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Microsoft shares dropped over 4% after the company reported another slowdown in cloud sales. However, company said its base of AI clients more than double since mid-May
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Alphabet traded over 6% higher following the release of Q2 2023 earnings. Company reported better-than-expected results, with cloud and ad revenue outperforming
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Boeing shares surged over 6% after company unexpectedly reported positive free cash flow for Q2 and increased aircraft production rates amid strong demand
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Energy commodities traded lower today - oil gains drops 0.5-0.7% while US natural gas prices decline 1.5%
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Precious metals traded mixed today - gold gained 0.6%, silver added 1.2%, platinum dropped 0.2% and palladium slumped 2.4%
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Major cryptocurrencies traded mixed today - Bitcoin and Ethereum gained 0.4%, Dogecoin dropped 3.7% and Litecoin traded 0.2% lower
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JPY and EUR are the best performing major currencies while AUD and CAD lag the most
US500 jumped to fresh daily high during Powell's presser near 4,610 pts. However, gains were erased later on and the index pulled back to 4,580 pts area. Source: xStation5
