Forex Market News

What a day was yesterday! Let’s jump right in!

Most important news for today:

The Federal Reserve raises the rate by 25 basis points. Powell said the financial system is safe and sound, and the SVB collapse was a “management mistake,” not a broader failure. The most important thing he said: inflation is still high, and the Fed will tighten until inflation is at 2%.

After the release: EURUSD is up 1400 points; Gold is up 4100 points; US500 is down 1.8%; the USD index is down 1200 points. Bitcoin fell 7.2% and recovering slowly today.

Elon Musk said the US financial system “can’t be worse” in response to Powell’s speech.

Inflation in the UK returned to double-digits: CPI is at 10.4%, way above the expectations of 9.9%. The BOE will hike the rate today. The consensus is 25 basis points.

Swiss Central bank is expected to hike the rate by 50 basis points today at 11:30 GMT+3. After that, a Press Conference will be held.

The US finance minister, Janet Yellen, said the US banks might repeat the SVB case (go bankrupt). It’s not often seen that the US’s two most influential finance governors are saying opposite things.

Coinbase gets SEC notice that it provides people with unregistered securities. Coinbase CEO says SEC doesn’t want to engage in a constructive dialogue.

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