Fed Rate Cut Euphoria Lifts Market Sentiment

RTT Staff Writer•Monday, August 26, 2024•1 min read

Rate cut hopes fueled by emphatic hints by Fed Chair Jerome Powell on Friday supported market sentiment across markets. Anxiety ahead of PCE-based inflation data from the U.S. due on Friday however limited gains.

Wall Street Futures are trading in positive territory. European benchmarks are also trading mixed. Asian stock indexes finished trading on a mostly positive note.

Dollar Index edged up. Bond yields mostly hardened. Crude oil prices surged ahead amidst production outages in Libya and concerns about the Gaza conflict. Gold prices also rallied amidst growing rate cut expectations as well as safe haven demand. Cryptocurrencies are trading mixed.

Here is a snapshot of the major world markets at this hour.

Stock Indexes:

DJIA (US30) at 41,234.00, up 0.14%
S&P 500 (US500) at 5,641.20, up 0.12%
Germany’s DAX at 18,616.15, down 0.10%
U.K.’s FTSE 100 at 8,327.78, up 0.48%
France’s CAC 40 at 7,595.31, up 0.24%
Euro Stoxx 50 at 4,908.35, down 0.02%
Japan’s Nikkei 225 at 38,058.00, down 0.94%
Australia’s S&P ASX 200 at 8,084.50, up 0.76%
China’s Shanghai Composite at 2,855.52, up 0.04%
Hong Kong’s Hang Seng at 17,798.73, up 1.06%

Currencies:

EUR/USD at 1.1165, down 0.22%
GBP/USD at 1.3194, down 0.12%
USD/JPY at 144.16, down 0.15%
AUD/USD at 0.6769, down 0.33%
USD/CAD at 1.3503, down 0.03%
Dollar Index at 100.83, up 0.11%

Ten-Year Govt Bond Yields:

U.S. at 3.811%, up 0.13%
Germany at 2.2615%, up 1.73%
France at 2.969%, up 1.33%
U.K. at 3.9140%, down 0.76%
Japan at 0.887%, up 0.68%

Commodities:

Brent Oil Futures (Nov) at $80.08, up 2.47%.
Crude Oil WTI Futures (Oct) at $77.05, up 2.97%.
Gold Futures (Dec) at $2,558.85, up 0.49%.

Cryptocurrencies:

Bitcoin at $63,901.67, down 0.00%
Ethereum at $2,739.67, down 0.42%
BNB at $564.00, down 1.81%
Solana at $160.45, up 1.98%
XRP at $0.5961, down 0.89%.

Check out our free forex signals

Follow the top economic events on FX Leaders economic calendar

Trade better, discover more Forex Trading Strategies