The U.S. Federal Reserve Raises Interest

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Rates To 1% at the March Meeting

The Greenback was declined yesterday vs. a basket of major currencies after the U.S. Federal Reserve raised its key interest rate from 0.75% to 1%, as universally expected, and signaled that further hikes this year will be gradual. The market currently expects the Fed to hike two more times this year, one in June and another in December.

  • The U.S. dollar index .DXY, which measures the Greenback vs. a basket of major currencies, fell as much as 1% and settled at 100.30.

Gold prices hit new highs and settled at $1,220, in the wake of the Fed's interest rate decision. Technically, the yellow metal could touch new highs during the next period; however, it could be affected by Trump's budget plan.

The Sterling pound was also buoyed and hit $1.23 after the Federal Reserve hiked interest rates in line with expectations. However, Cable came off its highs on soft UK wages data, but it could re-test $1.23 once again.

Oil prices have turned higher, boosted by an expected decline in U.S. crude inventories and data from the International Energy Agency (IEA) suggesting OPEC cut deal could create a crude deficit in the first half the year. U.S. crude settled at $49 and could re-test $50 before the end of the week.

The most important economic events:

  • GBP Bank of England Rate Decision (MAR 16): (GMT 12:00) – Important – Forecast (0.25%) – Previous (0.25%).
  • GBP BOE Asset Purchase Target (MAR): (GMT 12:00) – Important – Forecast (435b) – Previous (435b).

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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