Daily summary: USD drops and indices jump after Fed

• European stock market indices finished today's trading higher. Among outperformers one could find Dutch AEX (+1%) or Italian FTSE MIB (+1.5%). Polish WIG20 was one of top laggards with a 0.2% daily drop

• US indices followed into footsteps of their European peers and traded higher. Gains accelerated during Powell's presser with S&P 500 (US500) jumping above 4,000 pts. Nasdaq trades over 3% higher at press time

• FOMC announced a 75 basis point rate hike, in-line with market expectations. US central bank said that the decision was unanimous, unlike last time

• FOMC noted that spending and production has softened by jobs gains remain robust

• Gazprom said that it still experiences issues with gas turbines and warned that supply to Europe may drop further

• US pending home sales dropped 8.6% MoM in June (exp. -1.0% MoM)

• US durable goods order jumped 1.9% MoM in June (exp. -0.4% MoM) while measure excluding transport was 0.3% MoM higher (exp. 0.3% MoM)

• DOE report confirmed a large draw in oil stockpiles signaled by API report yesterday. According to DOE, US oil stockpiles dropped by 4.52 million barrels

• Cryptocurrencies gain with Uniswap rallying over 20%. Bitcoin gains 8% while Ethereum trades almost 15% higher

• Precious metals jumped in the aftermath of Fed's decision and Powell's presser as the US dollar lost ground. Gold gains 1% while silver trades over 2% higher

• Oil is trading higher - Brent made its way back above $100 per barrel mark while WTI trades close to $98 per barrel

• GBP, EUR and AUD are the best performing major currencies while USD and JPY are top laggards

Gold caught a bid following Fed decision. Weakening US dollar provided fuel for the move and allowed gold price to jump 1%. Precious metal is currently testing a mid-term resistance zone ranging around $1,740 per ounce. Source: xStation5