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Risky Assets Rally as Fed Scaled Back Rake Hike Forecasts + MORE

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The ECB and John Law

– .goldmoney.com

Last week, the ECB extended its monetary madness, pushing deposit rates further into negative figures.
It is extending quantitative easing from sovereign debt into non-financial investment grade bonds, while increasing the pace of acquisition to €80bn per month. The ECB also promised to pay the banks to take credit from it in “targeted longer-term refinancing operations”…

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Crude oil prices retreated on profit-taking, following rally over the past few weeks. News that Iran would not join output freeze had weighed on prices. The front-month WTI contract fell -3.43% while the Brent contract was down -2.13%. Commodity currencies also fell accordingly. For instance, Aussie dropped -1…

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Market Report: FOMC backs off

– .goldmoney.com

Precious metal prices eased ahead of this week’s 2-day FOMC meeting, which ended on Wednesday.
Gold had drifted $30 lower before recovering it all in a matter of minutes on Wednesday afternoon EST, after the rate decision was announced. The FOMC decided not to raise rates, despite a pick-up in core inflation and employment figures, indicating the FOMC’s targets had been satisfied…

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Oil prices dropped for a second consecutive day, driven by lack of confidence over output control, mixed US data and caution ahead of FOMC meeting. Losses were, however, limited as US inventory increased less than expected. The front-month WIT crude contract initially fell to 35.96, the lowest level in almost 2 weeks, before settling at 36…

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This week, clients have been buying larger volumes of all precious metals, possibly speculating ahead of the FOMC meeting on Thursday and taking advantage of the lower prices seen through the week. Silver has been the favourite metal of the week, receiving the highest proportion of buy orders.
GoldMoney’s clients have continued to favour the Singapore and Canadian vaults this week, with less favour being shown for the London and Swiss vaults…

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Risk appetite stays strong as the market digest the more dovish than expected FOMC statement. US dollar got hammered with the DXY index plunging to the lowest level since October. Equities rallied with Wall Street’s DJIA and S&P 500 indices gaining +0.9% and +0.66% respectively. Note that the latter has erased its losses made in 2016…

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Risky assets jumped across the board after FOMC’s dovish statement. In the commodity sector, energy prices rose across the board with the front-month WTI crude contract gaining +5.83% and the Brent contract up +4.1%. Gold jumped to a 3-day high of 1263.8, up US$30 from prior day’s close, as the Fed scaled back its rate hike outlook and USD slumped…

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