On Thursday, July 8, here’s everything you need to know:
Following the release of the FOMC Meeting Minutes, the dollar came under light pressure ahead of the close. According to the memo, Fed policymakers believe the criteria of “substantial further progress” required to change monetary policy has yet to be satisfied. Several FOMC members stated that they expect the pace of asset purchases to slow down and that criteria would be met sooner than expected.
The paper didn’t offer any new insights into the timing of tapering, but it did suggest that some policymakers saw the economic outlook as more uncertain after the recent data, which was a significant majority of participants’ assessment.
The dollar, on the other hand, ended the day with gains, particularly against commodity-linked rivals. High-yielding European currencies were flat against their American counterparts at the conclusion of the day.
In Asia, stocks were divided, but European and American indexes ended the day higher, with Wall Street boosted by the Fed’s pronouncement. Treasury yields in the United States remained under pressure, with the 10-year Treasury note yield touching an intraday low of 1.29 percent.
As the US session came to a close, gold prices were up for the sixth day in a row, with the precious metal trading at roughly $1,804.00 a troy ounce.
Crude oil prices fell sharply on Wednesday, with the US benchmark hitting a new two-week low of $71.05 per barrel, the lowest since mid-June. WTI recovered before the close to settle at $72.00 a barrel.
The coronavirus Delta variant is still circulating. America and Europe are failing to control the virus’s spread, with the UK reporting over 32K new coronavirus cases in one day, the largest one-day increase since late January, despite no indications that restrictive measures will be maintained after July 19. Despite this, the number of people who develop serious illnesses or die is low, indicating that the immunization efforts are effective.
Predictions for the top three prices Bitcoin, Ethereum, and Ripple: BTC is expected to have a rough second quarter, while ETH might plummet 30%.
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