Stocks traded in low volatile ranges amid little economic data on Tuesday, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Grain prices rise after Ukraine dam explosion
“Wheat prices initially rallied on news of the southern Ukrainian Kakhovka dam being blown up which led to supply worries. Neither the Russians, nor Ukrainian's have claimed responsibility.”
Surprise RBA rate hike to 11-year high
“The surprise rate hike by 25 basis-points to 4.10% by the Reserve Bank of Australia, to its highest level since April 2012, led to the fourth consecutive day of gains for the AUD/USD pair. With the central bank leaving the door open for further tightening, due to wage and inflationary pressures, the cross may advance further over the coming weeks.”
Stock markets subdued
"Despite crypto stocks falling after the US regulator SEC sued Coinbase - down 15% since Monday - for breaking US securities rules, the Nasdaq 100 and other global equity markets hardly reacted and traded in low volatility ranges."
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