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26 March 2024 | FXGT.com

Weekly Market Recap

  • Fed Holds Rates Steady with Rate Cuts on Horizon: The Federal Reserve left the fed funds rate unchanged and maintained projections for three interest rate cuts this year. The announcement drove Wall Street to reach new record highs and pushed gold prices above $2,200 per ounce. The Fed Chair’s calm approach towards inflation contributed to market optimism.
  • US Indexes Reach Record Levels: The S&P 500 achieved its top weekly performance of the year, moving past a two-week period of consolidation. Over the week, the S&P 500 increased by 2.10%, the Dow Jones by 1.80%, and the Nasdaq by 2.90%.
  • Economic Data Fuels US Dollar’s Recovery: The U.S. dollar index concluded the week strongly, reaching its highest level since mid-February. The dollar experienced a rebound after a mid-week dip post-Federal Reserve meeting, driven by positive economic indicators such as a decrease in Initial Jobless Claims and optimistic March PMI indexes.
  • Global Central Bank Moves: In a significant policy shift, the Bank of Japan exited its negative interest rate policy, while the Swiss National Bank took markets by surprise with a rate cut, signaling a new trend for developed nations. Meanwhile, the Bank of England, the Reserve Bank of Australia, and the People’s Bank of China kept lending rates unchanged.
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