Dollar strengthened after Fed minutes

US stock market stepped back on Wednesday with weak retailer reports providing little support. The S&P 500 slid 0.3% to 2856.27. The Dow Jones industrial average slipped 0.4% to 25776.61. Nasdaq composite index fell 0.5% to 7750.84. The dollar strengthening continued as minutes of Federal Reserve last meeting revealed officials felt there were no data supporting a rate cut need currently: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.1% to 98.094 and is higher currently. Futures on US stock indexes point to lower openings today.


DAX 30 outperforms European indexes

European stocks slipped on Wednesday with Berxit and global trade prospect uncertainty undermining market sentiment . Both the EUR/USD and GBP/USD accelerated their slide and are lower currently. The Stoxx Europe 600 slipped 0.1% led by bank shares. Germany’s DAX 30 however added 0.2% to 12168.74. France’s CAC 40 slid 0.1% while UK’s FTSE 100 edged up 0.1% to 7334.19 amid reports of rising pressure on UK Prime Minister Theresa May to resign after lawmakers in her own party rejected her compromise deal on exiting the EU.


Hang Seng leads Asian indexes losses

Asian stock indices are mostly falling today after news overnight the United States was considering curbs on Chinese video surveillance firms including Hikvision. Nikkei turned 0.6% lower to 21151.14 as yen climb against the dollar continued despite the Markit flash purchasing managers’ index’s decline to 49.6 in May from 50.2 in the previous month indicated manufacturing contracted in May. Chinese stocks are falling: the Shanghai Composite Index is down 1.4% and Hong Kong’s Hang Seng Index is 1.6% lower. Australia’s All Ordinaries Index lost 0.3% despte Australian dollar continued sliding against the greenback at a previous session’s pace.

HK50 falls below MA(200)  05/23/2019 Market Overview IFC Markets chart


Brent falls on US crude inventories build

Brent futures prices are extending losses today. Prices fell yesterday after the report US crude stockpiles rose 4.7 million barrels while gasoline stocks increased by 3.7 million last week. July Brent crude lost 1.7% to $70.99 a barrel on Wednesday.



Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD recovers post-Fed losses, awaits data

EUR/USD is trading close to 1.1050, up from the lows it fell to on Wednesday after the Fed cut rates but signaled no new moves are imminent. Markets are digesting the decision and eyeing several US figures.


GBP/USD stabilizes below 1.25 ahead of UK retail sales, BOE

GBP/USD is trading below 1.25, consolidating its losses after the US Fed cut rates as expected and indicated a pause. The Bank of England is set to leave rates unchanged. Beforehand, UK retail sales are due out.


USD/JPY keeps losses below 108.00 as BOJ disappoints the doves

USD/JPY keeps the losses below 108.00, as the Japanese Yen remains on the front foot in reaction to the Bank of Japan's (BOJ) status-quo that came in as a disappointment for the doves. 


Forex Today: Dollar surrenders post-Fed gains, Aussie and Bitcoin tumble, BOE in focus

The US dollar is off its highs against major pairs as markets digest the Federal Reserve's decision. The Fed cut rates by 25 basis points as expected and the dot-plot signaled no further cuts this year or the next.

Read more

Gold: Indecisive market, focus on today's close

Gold is currently trading at $1,480 per Oz, representing 0.21% drop on the day. On Wednesday, the yellow metal witnessed two-way business before ending the day with moderate losses at $1,494.

Gold News

Forex Majors