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Dollar Surge, Commodity Drop: Markets Brace for Rate Decisions


07.11.2024
Dollar Surge, Commodity Drop: Markets Brace for Rate Decisions

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3780-1.3980

Euro                 1.4850-1.5080

Sterling            1.7850-1.8090

 

WTI Oil (opening level) $71.20

Global markets are seeing notable shifts in the wake of Donald Trump’s presidential win, setting the stage for a week packed with central bank decisions.

Equities in the US surged with investor optimism about potential pro-business policies, while European stocks dipped amid concerns about regional impacts. Asian markets are treading cautiously, reflecting a more measured reaction to the US election outcome.

Market volatility, which spiked leading up to the election, has calmed but with lingering short-term uncertainty as the Federal Reserve’s decision looms. This decision could set the tone for near-term stability or volatility across global assets.

In currencies, the US dollar, which had strengthened significantly, has reversed some gains ahead of the FOMC meeting. The British pound is holding firm as investors await the Bank of England's latest insights.

Commodities are under pressure: the dollar’s strength has pushed copper, silver, and gold lower, with dollar-driven adjustments setting a challenging backdrop for metals markets. In fixed income, US yields have eased slightly in anticipation of Fed updates, while UK gilt yields have climbed on expectations for the BoE announcement.

Finally, central banks in Sweden, Norway, the UK, and the US are set to announce rate decisions, with markets watching closely for guidance that could impact currencies, equities, and bonds worldwide.

As these events unfold, markets will likely respond dynamically, shaping the outlook for months ahead. Stay tuned for more updates as central banks set the direction for financial markets.

 



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Euro                1.4600-1.4700

Sterling           1.6600-1.6700

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Euro                     1.3600-1.3700

Sterling                1.5900-1.6000