Author: GenaIsenberg

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Gold steady as firm dollar offsets rise in virus cases

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Fed pumps $198 billion into short-term bank funding operations amid big demand

Market sentiment weakened amid rising expectations that the Fed might hike interest rates earlier than previously anticipated. Such speculations were intensified after the strong payroll report released last Thursday spurred investment banks to revise forward their forecasts of Fed’s tightening. Investors also held the breath as they awaited the second quarter earnings season which begins today. Wall Street dropped with the DJIA and the S&P 500 indices losing -0.26% and -0.39% respectively.

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Fed Tightening Speculations Weighed on Sentiment

Crude oil prices steadied and moved with a firmer tone ahead of US opens, although the Russia-Crimea crisis is prone to reshape the global oil politics. While the US has approved a new plan facilitating gas exports to European countries, Russia has reached a deal with China, agreeing to send more than US$350B worth of crude in coming years to the world’s second largest economy.

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Russia Signed Oil Deal with China, Leaving Europe to Pay High Cost