Federal Reserve raises rates by 25 basis points
The US Federal Reserve has raised interest rates by 25 basis points to 5.25%, meeting Mitrade's estimates. Meanwhile, the US stock market closed lower as Fed Chair Jerome Powell hinted at further rate hikes. The Dow Jones Industrial Average dropped 270 points to 33,414. The S&P 500 fell 28 points to 4,090, and the Nasdaq 100 retreated 83 points to 13,030.
Later tonight, the European Central Bank is also expected to increase rates by 25 basis points to 3.75%. EUR/USD gained 60 pips to 1.1059, and GBP/USD surged 100 pips to 1.2564.
AUD/USD edged up 8 pips to 0.6669, as Australian retail sales recorded a 0.4% month-on-month increase in March. USD/CAD closed 10 pips lower at 1.3615, and USD/JPY plunged 185 pips to 134.68.
Spot gold climbed $22 to $2,038.76 an ounce. Despite supply disruptions and declining inventories, WTI oil futures slipped $3.06 to $68.60 a barrel. Bitcoin and Ethereum advanced to $29,083.0 and $1,902.20 respectively.
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