Market Recap | 21-Mar-2024
Gold prices hit a record high in Asian trade on Thursday, reflecting a sharp decline in the dollar after the Federal Reserve opted to maintain interest rates unchanged and suggested possible rate cuts later in the year.
On Thursday, oil prices rebounded, supported by drawdowns in U.S. crude and gasoline stocks, despite signs indicating that the U.S. Federal Reserve may maintain higher interest rates for a longer period of time.
The Bank of Japan (BOJ) implemented a 0.1% rate hike on Tuesday, its first such adjustment in 17 years, while also ending its negative interest rate policy (NIRP) and yield curve control (YCC) mechanism.
UK’s February inflation fell more than predicted, at 3.4% annually, the lowest since September 2021. While the Bank of England is likely to keep interest rates unchanged today, but cooling inflation could lead to more dovish future guidance.
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