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Fundamental Analysis
Fed cuts rate hikes projections to zero
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[QUOTE="IFC Markets, post: 161684, member: 18359"] [SIZE=5][B]Stocks fall and dollar weakens after dovish Fed[/B] [B][/B][/SIZE] [B]US stock market [/B]continued retreating on Wednesday led by bank shares after dovish Fed decision. The S&P 500 slid 0.3% to 2824.23. The [I]Dow Jones [/I]industrial average fell 0.6% to 25745.67. [I]Nasdaq [/I]composite index however added 0.1% to 7728.97. The dollar weakening accelerated as Federal Reserve cut the projection of the number of interest rate hikes expected this year to zero from the two forecast in December. 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, fell 0.6% to 95.94 and is lower currently. Futures on US stock indexes point to lower openings today. [SIZE=5][B]DAX 30 leads European indices losses[/B] [B][/B][/SIZE] [B]European stocks [/B]turned lower on Wednesday with all sectors down. The [I]EUR/USD[/I] accelerated its climb while the [I]GBP/USD [/I]turned lower as the UK officially requested a delay to its departure from the EU. Both pairs are currently higher. The Stoxx Europe 600 fell 0.9% led by auto makers shares. Germany’s [I]DAX 30 [/I]dropped 1.6% to 11603.89, France’s [I]CAC 40[/I] lost 0.8% and UK’s [I]FTSE 100 [/I]slid 0.5% to 7291.01. [IMG]https://ifccd.net/uploads/image/DE30_O_21March2019.png[/IMG] [SIZE=5][B]Shanghai Composite leads Asian indices higher[/B] [B][/B][/SIZE] [B]Asian stock indices[/B] are mostly higher today after dovish Fed decision. [I]Nikkei [/I]added 0.2% to 21608.92 despite yen’s continued climb against the dollar. China’s stocks are mixed: the [I]Shanghai Composite Index [/I]is up 0.4% while Hong Kong’s [I]Hang Seng Index [/I]is 0.7% lower. Australia’s All Ordinaries Index inched up 0.03% despite the Australian dollar continued gain against the greenback. [SIZE=5][B]Brent rises boosted by more US inventories drop[/B] [B][/B][/SIZE] [B]Brent futures prices [/B]are extending gains today. Prices rose yesterday after data showed US crude stockpiles fell by 9.6 million barrels last week with gasoline supplies dropping further. May Brent crude rose 1.3% to $68.50 a barrel on Wednesday. [/QUOTE]
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